Intesa Sanpaolo takes stake in Oval Money

Intesa Sanpaolo takes stake in Oval Money

Intesa Sanpaolo has invested in Oval Money, the budget management app launched by the former CEO of Uber Italy, and sourced a new distribution network at tobacconists across the country.

The Italian bank will take a stake in the company following a "significant investment" by its innovation venture fund Neva Finventures.

The distribution deal, offered through Intesa Sanpaolo subsidiary Banca 5 - which already provides a physical banking experience through tobacconists - will enable the firm to target a so-far unserved demographic of immigrants and young people.

Stefano Barrese, CEO of Banca dei Territori Division, Intesa Sanpaolo, says: "The integration of the online and offline infrastructure of Banca 5, the bank of Instesa Sanpaolo focused on instant banking, with the existing features of Oval Money will provide to a new customer base, an innovative solution to the relationship with a bank and with the management of personalised savings and investment solutions."

Oval Money came out of closed beta in April last year having raised €1.2M in funding.

The new funding will be used to help launch a feature within the platform that will allow people to invest their money in a multi-sided marketplace for savings and investments products.

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