Earlier this week, Stockholm-based Nordea Bank announced the launch of its Nordea Ventures in order to make strategic investments in fintech start-up companies.
According to Nordea, the Nordea Ventures will focus on investments offering mutual strategic value, scalable business models, and unique solutions. Investments are mainly, but not exclusively, expected to be in companies which have a Nordic focus. The number and size of investments will vary according to our aim of supporting and accelerating innovation in order to strengthen our offering. While sharing details about the venture fund, Casper von Koskull, President and Group CEO of Nordea, stated:
“We want to play an active role in developing new technologies for the financial sector from early on. It’s not just about providing capital, but also about engaging with start-ups and sharing our expertise. This will benefit Nordea and the companies we invest in, but most of all our customers.”
It was also revealed that to meet changing customer expectations, Nordea has already partnered with and invested in fintech companies in order to develop new solutions faster than it could alone. Nordea Ventures will enable the bank to accelerate bringing innovative products and services to market for its 10 million households and 540,000 corporate customers. Ewan MacLeod, Chief Digital Officer at Nordea, went on to comment:
“We need to be where the innovation is taking place. That’s why we’ve already been very active in the fintech space. Establishing Nordea Ventures is a natural next step toward engaging with and supporting the wider financial ecosystem.”
Nordea then added it will actively engage with each portfolio company, involving senior business leaders in sponsorship roles, and is prepared to take a long-term ownership approach.