Italy-based insurance company Generali plans to invest up to €1.25bn ($1.37bn) in financial technology by the end of 2019 by working with venture capital investors, according to the Financial Times.
Generali intends to partner with VC firms including GGV Capital and fintech-focused Ribbit Capital in order to invest in companies developing technologies including mobile payments technology and big data analysis.
“This is an industry that has been lagging behind every other industry – it has been paralysed,” CEO Marco Greco told the FT, adding: “Either you understand it and you move towards the forefront of change…or this industry will disappear.”
Founded in 1831, Generali has not previously been active in corporate venturing, but its move into venture capital follows that of several other large European insurers including Axa, which launched a €200m fund in February, and Allianz, which is a limited partner in early-stage investors including IdInvest Partners.
The company is also reported to have entered talks to acquire UK-based driver profiling company MyDrive Solutions.