This week, Neva Finventures, the venture capital arm of Intesa Sanpaolo, Italy’s largest bank, took an undisclosed minority stake in iwoca, the pioneering fintech firm that extends flexible short-term overdrafts and working capital loans to small businesses in the UK and Europe. It is another sign of incumbent banks seeking to adapt new technology built by outsiders into the very core of their lending business.
It is also a sign of how poorly the mainstream banks have served this key and growing group of customers.
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