Commerzbank is collaborating with startup incubator Tenity to establish a joint innovation accelerator focused on sustainable finance.
The program aims to foster proof-of-concept development and collaborations between startups and Commerzbank’s business units, promoting innovative products across various sustainability sectors, including biodiversity, real estate, and supplier management.
According to recent data from CommerzVentures, the venture capital arm funded by Germany’s Commerzbank, climate-related startups are outperforming the broader fintech sector in securing funding, with Europe leading the trend.
Bettina Storck, head of group sustainability management at Commerzbank, stated, “The sustainable transformation of the financial sector relies on continuous development and innovation. We believe that the Joint Innovation Accelerator will foster precisely these innovations and further our commitment to sustainability.”
The Accelerator program will run from September to October 2024, with successful startups invited to present at the demo day during the neosfer Impact Festival on October 30, 2024, in Frankfurt.
Neosfer, the early-stage investor and innovation unit of Commerzbank Group, was rebranded in 2022 to emphasize its focus on sustainability and green technology firms. The incubator has already invested in several sustainable startups and is actively developing prototypes and venture-building projects to support the green economy.
Kai Werner, managing director of neosfer, remarked, “Sustainable solutions are becoming increasingly relevant in the financial sector and are critical for the sustainable transformation of our economy. It is essential to identify new business models in this domain and test them under optimal conditions.”
For more insights into the latest innovations in sustainable finance, join Finextra’s annual Sustainable Finance Live conference on October 8, 2024.