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ING launches EUR 300 million fintech fund

ING has just launched ING Ventures, where the company is set to invest EUR 300 million of its own funds into fintech companies. This move expands their already impressive investment portfolio. ING Ventures will be run out of its chief innovation office, and led by Benoit Legrand, its global fintech head. The fund targets both startups and outfits that have already gained some share of the market in locations around the world where the company is already present or it is planning to head to next. Presently, ING has made over 100 fintech strategic partnerships and investments throughout the globe, including being a member of Holland Fintech. ING says that these partnerships and investments in fintech are part-and-parcel to its innovation strategy. ING’s most recent example of said strategy is a partnership with SME lender Kabbage, who have expanded to France and Italy after the two companies successfully rolled-out a project in Spain that created an entirely paperless, automated, lending service for SMEs. According to ING and Kabbage, with the former, companies can apply and qualify to gain access to continuing credit lines of up to EUR 100,000, all in less than 10 minutes.]]>

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