Italy-based financial services firm Intesa Sanpaolo has established a strategic investment division named Neva Finventures, news publication Il Sole 24 Ore reported on Tuesday.
The wholly-owned unit has received an initial commitment of €30m ($34m), though that amount is expected to be increased to €100m in the future. It will be managed by the bank’s incubator Innovation Center, which is led by Maurizio Montagnese.
Neva Finventures will seek out opportunities in the digital payments, big data, capital markets and insurance sectors that either support Intesa Sanpaolo’s current products or are disruptive. Neva also hopes to identify venture capital funds to invest in and gain access to deal flow.
The unit will primarily focus on minority co-investments in foreign startups in the US, Europe and Israel. The bank will assist funded startups with expansion plans by granting them access to the relevant business unit.
Carlo Messina, managing director and CEO of Intesa Sanpaolo, said: “The creation of Neva Finventures confirms the importance of innovation for our group and our commitment to innovate and take a proactive approach to the future and the market’s challenges.
“It is a long-term investment for Intesa Sanpaolo, aimed at seizing the most promising opportunities across the world with the goal of promoting growth and continuously improving the level of our services.” [translated from Italian by Global Corporate Venturing]