The banking group has launched a venture capital arm dubbed Neva Finventures with $34m in funding that is expected to be eventually boosted to $113m.
Italy-based financial services firm Intesa Sanpaolo has established a strategic investment division named Neva Finventures, news publication Il Sole 24 Ore reported on Tuesday.
The wholly-owned unit has received an initial commitment of €30m ($34m), though that amount is expected to be increased to €100m in the future. It will be managed by the bank’s incubator Innovation Center, which is led by Maurizio Montagnese.
Neva Finventures will seek out opportunities in the digital payments, big data, capital markets and insurance…
