Fintech investment vehicle Motive Partners has secured the backing of four leading banks and Mastercard as founding partners for a new membership-only innovation and investment organistion, 'Motive Labs'.
Allied Irish Bank, Bradesco, Emirates NBD, and Royal Bank of Scotland join Mastercard in a collaborative mission to work with Motive Partners on searching out and implementing new products and services from across the startup world.
Launched in January 2017 with backing from Warburg Pincus, Motive Partners has an illustrious roster of big hitters onboard, including Rob Heyvaert, founder and former chairman of Capco, Stephen Daffron, previously CEO at Interactive Data Corporation and global head of technology & operations at Morgan Stanley, Michael Hayford, ex of FIS and Metavante, and Innovate Finance chair Alastair Lukies.
The launch coincided with the group's first investment deal, a $7 million investment in portfolio compression outfit LMRKTS.
Of the new initiative, Heyvaert says: “The establishment of Motive Labs represents an important step in the development of the Motive Partners platform, furthering our ability to provide capital, expertise and connectivity to the industry."
With offices in New York and London, Motive Labs will be led by Alberto Corvo, a founding partner at the firm and a former Partner at PwC.
The banks backing the venture say they want to learn from each other and work together to keep abreast of the disruptive trends that are upending the financial services industry.
Maurício Minas, EVP of Bradesco, comments: “The partnership with Motive will accelerate our connection to the world's leading innovation hubs through an integrated platform with the ability to invest, operate and innovate throughout the financial innovation ecosystem.”