The European Investment Bank (EIB) has announced a series of measures aimed at bolstering funding for fintechs and startups throughout Europe.
This initiative comes in response to a decline in fintech funding within the region and increasing competition from the US and China. EIB President Nadia Calvino emphasized that the action plan is designed to ensure that “companies born in Europe, stay in Europe.”
The plan was presented to EU finance ministers in Luxembourg as part of an overarching strategy to position EU capital markets as a hub for innovative startups.
Key components of the plan include the expansion of the European Tech Champions initiative, a fund of funds launched last year that targets European unicorns.
Calvino stated, “The Action Plan discussed with ministers will help European innovators scale up their business and contribute to channeling savings into productive investments, boosting innovation, creating jobs, and leading Europe toward a more robust growth model, ensuring that European companies born in Europe, stay in Europe.”