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Payments General

ING Ventures invests in open banking platform Cobase

Thursday 20 September 2018 | 02:36 PM CET

ING Ventures has invested EUR 7.5 million in Cobase, a fintech startup providing a single point of access to bank accounts and other financial services.

Cobase is a multibank platform that helps international customers in handling different bank accounts by providing payments, cash management, and treasury services, all in one place. ING Ventures, on the other hand, is a EUR 300 million fund, created by Netherlands-based banking and financial services group ING, to invest in fintech companies across the world.

The key features of the fintech’s platform are a central Payment Hub, Cash Management, and Treasury modules. Cobase claims that the combination of the functionality with several bank connections in one place helps in financial and operational efficiency, particularly for medium and large size firms.

The Cobase platform, which was developed in a pilot with corporate clients from multiple industries, had completed the accelerator program of ING Wholesale Banking in 2016. During the program, the platform was evaluated via prototyping, customer interviews, and market research, said ING.

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