Motive Ventures will take over the management of ABN Amro’s Venture Fund (AAV), which includes 15 early-stage fintech startups.
In response to a significant decline in funding within the financial services sector—falling by 70% between 2021 and 2022—Motive Partners and ABN Amro are embarking on a new path. The partnership will leverage Motive Partners’ ecosystem and expertise to benefit the AAV portfolio in conjunction with ABN Amro’s extensive network. Motive Ventures currently oversees 21 investments in seed and Series A stage companies across the United States and Europe, leading to a total of 36 companies in the combined AAV-Motive Ventures portfolio.
As part of the agreement, Motive Ventures will manage AAV, which has €150 million in assets under management. To ensure a smooth transition, Hugo Bongers, managing director and head of ABN Amro Ventures, along with Tim Wanders, executive director at ABN Amro, will join Motive Ventures as Partner and Principal, respectively.
Additionally, ABN Amro will become a key investor in vehicles managed by Motive, highlighting the bank’s commitment to exploring new opportunities in fintech innovation. The Dutch bank last increased its venture fund in 2020 with an additional €50 million, bringing its total to €100 million.
Edwin van Bommel, chief strategy and innovation officer at ABN Amro, remarked, “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 robustly 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, noted, “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 impressive investments and exits, as well as a deep understanding of how to deliver strategic value to the global ecosystem. We have collaborated on several co-investments, which is why we are delighted that Hugo and Tim are joining the Motive Ventures team.”
The deal is anticipated to close in Q4 2023, with Hugo Bongers and Tim Wanders set to become part of the Motive team before the year concludes.