Motive Ventures, the early-stage venture business of Motive Partners, will manage ABN AMRO’s venture fund business AAV, and ABN AMRO will become a major investor in funding vehicles managed by Motive Ventures
ABN AMRO headquarters in the Zuidas, Amsterdam. (Credit: Migdejong/Wikipedia)
Dutch banking company ABN AMRO Bank has announced a strategic partnership with Motive Partners to support continued growth in the evolving fintech space.
Motive Partners is a US-based specialist private equity company focused on venture, growth equity and buyout investments in technology-enabled financial and business services.
Under the terms of the partnership agreement, Motive Ventures, the early-stage venture business of Motive Partners, will manage the ABN AMRO Ventures Fund (AAV).
AAV has €150m in assets under management, with investments in 15 early-stage technology companies in Europe, the US and Israel.
ABN AMRO Ventures managing director and head Hugo Bongers will be appointed as partner, and ABN AMRO executive director Tim Wanders as principal at Motive Ventures.
In addition, ABN AMRO will become a major investor in Motive-managed funding vehicles.
Motive Partners partner and Motive Ventures head Ramin Niroumand said: “ABN AMRO has long been a leader among financial institutions in European fintech investing.
“With portfolio companies like Tink and Penta, they have already demonstrated great investments and exits, and a deep understanding of how to deliver strategic value to the global ecosystem.
“We have already worked together on several co-investments, which is why we are so happy that Hugo and Tim are joining the Motive Ventures team.”
The partnership between Motive Partners and ABN AMRO combines two venture platforms with decades of expertise in both financial services and venture capital.
It aims to strengthen the fintech sector by bringing Motive Partners’ ecosystem and experts to the AAV portfolio and wider network of ABN AMRO.
The transaction is expected to be completed in Q4 2023, and Hugo Bongers and Tim Wanders are expected to be moved to the Motive team before the end of this year.
The combined, AAV-Motive Ventures will have investments in 36 companies, including Motive Ventures’ portfolio of 21 companies and AAV’s 15 early-stage technology companies.
ABN AMRO chief strategy and innovation officer Edwin van Bommel said: “Our collaboration with Motive Ventures is a major milestone for ABN AMRO.
“We believe that joining forces with a definitive leader in the rapidly evolving fintech landscape will not only drive innovation but also enhance our competitive edge.
“This partnership will strongly support our strategic ambition of being a personal bank in the digital age for our customers.”