16 July 2018
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Intesa Sanpaolo takes stake in Oval Money

19 June 2018  |  5860 views  |  0 hipster phone

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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