Aareal Bank, BNP Paribas, Deutsche Bank, DZ Bank and NETS Group have joined with Silicon Valley-based innovation platform Plug and Play to create a fintech centre of excellence in Frankfurt.
Operating in conjunction with TechQuartier, the one-stop startup hub in the heart of Frankfurt, the alliance - dubbed Fintech Europe - aims to provide a shared accelerator for startups to work with and showcase their products to a coalition of some of Europe's leading banks.
Amir Karimpour, director of Plug and Play Germany, says: "Our goal at Plug and Play is to have 10-15 additional banks and financial service providers partner with us in Frankfurt. These new partners will help guide our sourcing process for new technologies that they can pilot with and integrate into their businesses."
He says the first five founding partners will dictate the focus of the programme based on their current use cases, with Plug and Play championing a selection of highly rated startups sourced via its global network.
The programme is set to kick off on 29 May, and the first batch of startups will join in June. TechQuartier will provide complimentary desk space along with mentorship from a network of executives, investors and entrepreneurs.