Motive Ventures is to take over the running of ABN Amro's Venture Fund (AAV), consisting of 15 early-stage fintech startups.
With funding in the financial services industry declining by 70% between 2021 and 2022, and numerous venture capitalists reducing their investment programmes, Motive Partners and ABN Amro are charting a new course.
The programme will bind Motive Partners’ ecosystem and experts to the AAV portfolio and ABN Amro’s broader network. Motive Ventures’ portfolio consists of 21 investments in seed and series A stage companies, spanning the United States and Europe. The combined AAV-Motive Ventures portfolio will number 36 companies.
Under the deal, Motive Ventures will assume the management of AAV with €150 million in assets under management. To ensure continuity, Hugo Bongers, managing director and head of ABN Amro Ventures, and Tim Wanders, executivedirector at ABN Amro, are joining Motive Ventures as Partner and Principal, respectively.
ABN Amro will also become a significant investor in Motive-managed vehicles, underscoring the bank's appetite and continued commitment to exploring new frontiers in fintech innovation. The Dutch bank last topped up its venture fund in 2020, injecting a fruther €50 million into its €100 million warchest.
Edwin van Bommel, chief strategy & innovation officer at ABN Amro comments: “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.”
Ramin Niroumand, partner at Motive Partners and head of Motive Ventures adds: “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 deal is expected to close in Q4 2023, with Hugo Bongers and Tim Wanders joining the Motive team before the end of the year.