Milan-based Mediobanca Group, Italy’s largest investment bank, announced on Monday that it has signed a partnership with Founders Factory, a London-based company builder and early-stage investor, to launch a new fintech venture studio and accelerator.
This new venture, supported by a €12M investment from Mediobanca, will foster financial services innovation by assisting foreign early-stage fintech businesses, while also bolstering support for Italy’s “thriving” startup environment.
The Mediobanca/Founders Factory JV
Over the next five years, the Mediobanca/Founders Factory joint venture will establish and invest in 35 fintech companies.
In conjunction with Mediobanca’s vision and capabilities, the venture studio will create, finance, and launch new fintech startups that use technologies like blockchain and AI to reinvent the financial services sector.
In tandem, Founders Factory and Mediobanca will collaborate to launch a new accelerator programme to invest in and assist more established early-stage fintech businesses in Italy and throughout the world.
With this joint venture, selected entrepreneurs will gain access to capital, Founders Factory’s global network, operational support, and fintech expertise, as well as Mediobanca’s commercial access and knowledge to multiple routes to financial practices, from wealth management to consumer banking.
Henry Lane Fox, CEO of Founders Factory, says, “Combining our venture-building capabilities and fintech experience with Mediobanca’s heritage, financial prowess and global ambition creates a powerful platform to back fintech founders.”
The partnership!
The collaboration with Founders Factory is in line with Mediobanca’s strategic plan “ONE BRAND – ONE CULTURE” for the years 2023 to 2026, which calls for a considerable improvement in the Group’s technological environment.
Priorities on the Group’s digital agenda include, i) improving digital channels to offer a more effective customer experience; ii) developing digital platforms and implementing AI tools to support the sales force; and iii) a digitalisation and automation path intended to reduce costs.
Founders Factory claims to be a fintech expert, having built and invested in nearly 50 financial technology companies, including Acre, Qumata, and ClearGlass, and having a long-term partnership with UK financial services provider Aviva.
This new collaboration with Mediobanca strengthens the organisation’s commitment to the fintech industry while also positioning itself as a prominent figure in Italy’s startup environment.
Alberto Nagel, CEO of Mediobanca, says, “In recent years, we embraced the opportunities that technology has created in the financial sector.”
“We have done so in Wealth Management with the launch of CheBanca!, in Consumer Banking with investments in Buy Now Pay Later as well as in Corporate and Investment Banking with the recent partnership signed with Arma Partners and we want to continue to serve the talent of our people and the user experience of our customers with the most advanced tech solutions.”
“With this joint venture we will seize new opportunities, further strengthening the Group’s technology ecosystem, also through the adoption of innovative models that will allow us to respond effectively to market expectations,” adds Nagel.
Marco Pozzi, Group COO of Mediobanca, says, “The partnership with Founders Factory is a fundamental step in the three-year roadmap envisaged by the ONE BRAND – ONE CULTURE plan, and will enable us to accelerate the innovation paths that characterise the Group’s industrial strategy.”
“The systematic collaboration with some of the most interesting startups in the international market will allow us, on the one hand, to contribute to the growth of an extremely high-potential market such as fintech, and, on the other, to transform existing systems by developing distinctive and highly innovative solutions,” adds Pozzi.
Brief about Mediobanca and Founders Factory
Mediobanca is a listed banking firm and claims to be a leader in Italy in lending, advisory, and capital markets businesses. It also has a footprint in Southern Europe and is now a top Italian player in consumer banking and a quality operator in wealth management.
Founders Factory co-creates and funds businesses with “exceptional” entrepreneurs and the world’s largest corporations. The firm offers founders capital, operational support from a team of 100 hands-on experts, and access to a coalition of “industry-leading” corporate partners.
Founders Factory’s Venture Studio co-founds businesses from inception, developing new ideas, technologies and business models into high-growth companies. It invests in teams from a wide range of industries and regions, with a current focus on fintech, health, climate, media & telecoms, consumer, and Web3.
Since 2015, the firm’s 300 portfolio startups have earned $800M in follow-on capital from renowned funds and investors.
Read the orginal article: https://siliconcanals.com/news/startups/fintech/mediobanca-partners-with-founders-factory/
