Intesa Sanpaolo Invests in Fintech Startup Oval Money


Italian bank Intesa Sanpaolo has invested in Oval Money through its innovation venture fund Neva Finventures.

The deal will allow Oval’s products to be available to a network of over 20,000 tobacconists across Italy through Intesa Sanpaolo’s Banca 5.

Banca 5, which already provides a physical banking experience, will now be offering consumers new online services through Oval’s app.

Stefano Barrese, CEO of Banca dei Territori Division, Intesa Sanpaolo, says: “The integration of the online and offline infrastructure of Banca 5, the bank of Intesa Sanpaolo focused on instant banking, with the existing features of Oval Money will provide to a new customer base, an innovative solution to the relationship with a bank and with the management of personalised savings and investment solutions.”

With the new investment, Oval Money will be able to launch a feature within the platform that will let people invest in a multi-sided marketplace for savings and investments products.


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