JV with Digital Magics: €15mln for Fintech, Insurtech and Proptech startups

Intesa Sanpaolo has signed a joint-venture agreement with Digital Magics to invest €15 million in Fintech, Insurtech and Proptech startups.

The goal of the partnership is to take advantage of the market trend and select investment opportunities in the startup scene for growth acceleration, identifying functional solutions that will bring innovation and competitiveness to the Group’s offer. The vehicle thus plans to invest in start-ups developing digital technologies in the Fintech, Insurtech, Proptech and other areas potentially related to the Intesa Sanpaolo Group’s focal industries according to an open-innovation approach.

The vehicle Apside, in which Intesa Sanpaolo and Digital Magics will be 50-50 shareholders, is expected to invest in around 20 companies with an average investment of €250,000.00 each and possible follow-on investments for a total invested value of €15 million.

The investment strategy will be subject to ESG criteria and the funding required for the initiative will be contributed by Intesa Sanpaolo through participatory financial instruments (SFPs), earmarked for future investments.