BNP Paribas Securities Services takes stake in fintech startup Fortia
BNP Paribas has acquired a minority stake in Fortia Financial Solutions, a fintech startup that focuses on artificial intelligence
BNP Paribas Securities Services has acquired a minority stake in Fortia Financial Solutions, a fintech startup that focuses on artificial intelligence, machine learning and business process monitoring to help firms meet compliance needs.
Fortia, established in 2012, has developed an investment compliance platform named Innova that helps asset managers and asset owners monitor the compliance of their funds in accordance with regulatory norms.
BNP said that it plans to deploy the Innova platform within its depositary banking business to help clients gain access to advanced data and analytics and improve operational efficiency.
BNP Paribas Securities Services Asset and Fund Services global head of product and clients solutions Jean Devambez said: “By taking a stake in Fortia, we are not only helping a start-up flourish but also ensuring our clients have access to the latest technologies to grow and develop their business, meet compliance requirements and enhance operational efficiency.”
Fortia founder Reda Bouakel added: “We are very pleased with this strategic partnership, which will provide Fortia not only with the necessary financial resources for its development but also with a strong business expertise essential to the evolution of our offerings.”