Financial services firm BNP Paribas on Friday announced it has partnered accelerator and venture capital fund Plug and Play to launch an initiative for financial and insurance technology startups in Paris, France.
The venture follows an initial partnership agreement signed in April 2016 that made BNP Paribas and its US subsidiary, Bank of the West, corporate partners of Plug and Play. It will operate over a three-month period and will involve to two cohorts of up to 10 startups each per year.
The scheme will offer funding opportunities, business plan coaching, business development, support from BNP Paribas’ business relationship manager and mentorship from Plug and Play as well as networking events and talks from industry experts.
Jacques d’Estais, deputy chief operating officer of BNP Paribas, said: “This new step in our partnership with Plug and Play will complement our current programs, such as the Fintech and Corporate Accelerator by l’Atelier BNP Paribas which allowed strategic investments in 2016.
“Building on this success we are strengthening our positions in the startup ecosystem through this new partnership. It will enable us to further benefit from the global expertise of Plug and Play and create unique links between us and the European and Californian startup [space].”