NAB doubles funding in fintech investment
(5 September 2018 – Australia) National Australia Bank has allocated another $50 million to NAB Ventures, the banks’ corporate venture capital fund, bringing the total to $100 million in a vote of confidence to increasing innovation.
The fund has backed 12 businesses since its launch in 2016, investing in start-ups locally as well as San Francisco and Toronto.
Melissa Widner, NAB Ventures general partner, said the additional funds represents an endorsement of the program from the bank, highlighting NABs focus on innovation rather than financial return.
Ms Widner said SMEs are at the forefront of investment decisions with the fund leaning more towards fintechs that “bring value to NAB’s SMEs”. So far those with a focus on cybersecurity and agricultural tech have been the most sought after given the potential benefits to SMEs and strategic fit with the bank.