BNP Paribas Launches Fintech – Insurtech Investment Fund
With the establishment of this new investment fund, BNP Paribas is stepping up its Open Innovation strategy. The fund complements a range of initiatives already launched with the intention of driving forward the Group’s policy of working closely with promising startups.
“At BNP Paribas, we’re firmly convinced that Open Innovation is a powerful driver for the transformation that will help to build the bank of tomorrow and enable us to continue to provide our clients with high value-added products and services . This will require us to put in place innovative, complementary mechanisms” – BNP Paribas Group Deputy COO and Head of International Financial Services, Jacques d’Estais.
- The new fund will be managed by BNP Paribas Capital Partners, an arm of BNP Paribas Asset Management that specializes in selection and multi-management in the alternative investments field.
- The fund will take direct minority stakes, on behalf of the various BNP Paribas’ businesses, in innovative startups that are reinventing financial services and insurance. Its objective is to support startups by operating in total alignment with entrepreneurs and investors toward success.
- It will also make indirect investments through Venture Capital funds whose priorities in technologies (such as AI, data, blockchain, cybersecurity…), geographies and topics match those of the BNP Paribas’ businesses.
- A number of strategic investments has been already made over the last year, including in Serena Data Ventures, Viola Fintech and Ventech China.
Wait, there’s more. BNP Paribas Cardif is one of the first insurers to facilitate subscription of creditor insurance policies for people with asthma, paraplegia, and coronary disease; to name a few. “This new solution allows our clients to benefit from a rapid and fluid insurance subscription process, enabling them to finalize their property acquisition projects without any added stress” – Co-Head of Retail Operations at BNP Paribas French Retail Banking, Frédérique Rabier-Aliôme. Here’s how it works: (1) clients talk with a BNP Paribas advisor, (2) receive a login and password to access a secure, personal space where they can complete a medical questionnaire online, (3) 80% of submissions result in immediate approval to allow clients to purchase coverage online. All in all, the process takes 7 minutes.