ING has earmarked EUR300 million to launch a fintech venture fund for investments in promising startups. Entirely funded by the Dutch bank, ING Ventures will be part of the chief innovation office and led by Benoit Legrand, who has acted as head of fintech since 2015.

Credit Suisse, BBVA and many other companies have been investing in fintech startups. ING also has been doing the same for the past three years. With this new fund, the bank seems to formalize its strategy.

The fund will be focusing on start-ups and companies that have already gained some traction in the market. These companies should be concentrated on FinTechs and should be present in countries where ING has a presence or plans to move into. The bank wants this fund to contribute to its Think Forward digital strategy.

Benoit Legrand, who has acted as head of fintech since 2015 said, "Establishing this fund is yet another way for ING to use the digital revolution as a growth opportunity and help transform the bank to become the go-to platform for financial needs and become part of other platforms."

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