Italy’s Mediobanca partners Founders Factory for new UK fintech venture studio
Investment bank Mediobanca Group has come together with Founders Factory to cultivate and power innovation within the UK’s fintech community.
Mediobanca to launch fintech venture studio with Founders Factory
Backed by €12 million from Mediobanca, the joint venture will see the London-based company builder create a new venture studio to support 35 fintech startups over the next five years.
The studio will be a place for entrepreneurs to build, finance and launch products and services that specifically leverage “advanced technologies, such as blockchain and AI”.
The initiative will also launch an adjoining fintech accelerator programme that will seek to support “more established early–stage fintech ventures in Italy and internationally”.
Successful applicants are poised to benefit from access to startup capital and product development guidance through the coming together of Founders Factory’s operational capabilities and Mediobanca’s commercial access and industry insight.
Mediobanca is betting big at a challenging time for the UK fintech sector, when funding pools are beginning to dry up and rising rates are placing ever-more pressure on startup founders.
Led by its chief executive, Alberto Nagel, the lender is engaging a ‘One Brand – One Culture’ strategic plan for 2023 – 2026, which not only promotes the strengthening of its technology ecosystem with “the enhancement of digital channels”, but also seeks to fortify its position outside of corporate Italy, where it has been a domineering force for decades.
Nagel said that the joint venture will allow the bank to “seize new opportunities” and “respond effectively to market expectations”.
Mediobanca’s continued willingness to invest in the UK’s fintech sector is proven by its recent investment activity. Its latest deal with Founders Factory comes only two months after it acquired the London-based financial advisory firm Arma Partners, which is “particularly active in the software, cloud services, data, internet and fintech segments”.
According to a source at Reuters, the deal valued Arma at close to twice its $100 million revenue.
