By creating a $200 million fund in partnership with London VC firm Anthemis, UniCredit becomes the latest bank to join the fintech game.
UniCredit EVO (equity venture opportunities) stands as an initiative aimed at mid-stage startups and follow-on investments into grown-up fintech businesses, the bank declares, as well as early stage fintech service startups that are developing a creative idea.
The main focus of the campaign is put on North America and Europe, spreading across the early stage idea phase to maturity and will be applied to different areas in the retail banking and consumer finance, investment and corporate banking, capital markets and trading, financial data and payments, asset management, infrastructure and technology.
The UniCredit EVO partnership will comprise a Management Board comprised of UniCredit and Anthemis representatives working together for the identification process in the most relevant segments, as well as an Investment Committee resposible for sourcing, evaluating and finalising investment opportunities.
The bank is already starting the creation of a new mobile-only bank, BuddyBank, which will be launched in early January 2017.