FinTech grows up
In a sign of the FinTech sector reaching a new level of maturity, ING is spinning out Katana, one of 25 initiatives to come out of the bank’s global innovation labs. It is the latest ING- originated startup to enter the scale-up phase; prior projects include Yolt and Cobase. Katana uses a machine learning algorithm to detect irregularities on the bond market – highly valuable information for investors.
Dutch investment for Katana
ING will invest approximately €1.8 million in Katana alongside other investors as part of a €3.5 million funding round. In addition, Katana is supported by investment teams at PGGM, one of the Netherlands’ biggest pension fund managers, and other asset managers.
The big players are moving in on FinTech
The development is an example for how banks and other big finance players get involved with FinTech initiatives in the Netherlands. In Amsterdam in particular, big banks and firms are regularly developing new initiatives: in addition to their international innovation labs, ING are planning to open a FinTech campus at the site of the bank’s new global headquarters in Amsterdam Zuidoost. ABN AMRO, on their part, boasts successful FinTech initiatives such as Franx and Moneyou, a digital personal banking service, and there are numerous other spin-offs and FinTech projects across the sector.