ING invests in fintech start-up Cobase
ING takes a majority share in the Dutch start-up Cobase, which helps multinationals access their accounts at various banks and financial institutions, providing insight.
The bank invests EUR 7.5 million in Cobase from its ING Ventures fund and will also participate in the next financing rounds.
Cobase remains legally separate from ING and the bank has no direct influence on its business operations.
Newspaper De Telegraaf included in its article a previous comment by ING CEO Ralph Hamers: "If you want to remain credible, you have to be open. Even if that means that you will sell services from the competitor".
ING has now has more than 150 collaborations with fintech start-ups. In a number of cases, the bank also acquired a stake via ING Ventures.