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Mobile bank funds fintechs in bid to reshape retail banking

March 28, 2017

MBank, a mobile-only financial institution based in Poland, has announced plans to set up the first fund in central and eastern Europe for the development and marketing of new technologies for financial institutions.

The Polish bank said that the investment will allow it to influence digital transformation in the banking sector, and will benefit mBank customers who will enjoy first access to new solutions, according to a press release.

The project, called "mAccelerator," will invest 50 million euros ($54 million) in technology startups. These innovators will work with mBank to pilot their new products. Then, with the fund’s financial support and know-how, the companies will offer their solutions to customers around the world.

All investments of the fund will be approved by executives from mBank, including CEO Cezary Stypułkowski, CFO Christoph Heins, head of retail banking Cezary Kocik and Przemysław Gdański, head of corporate and investment banking.

The aim of the project is to create state-of-the-art technological solutions helping financial institutions around the globe to meet the challenges of the fintech era, said Stypułkowski.

"The project is a great opportunity for mBank, both in financial terms and from the point of view of our market position," he said in the release. "It will help us strengthen our position as a company that is well prepared for the challenges of the digital economy and is able to respond to the expectations of increasingly mobile customers, which is one of the key initiatives defined in our mobile bank strategy for the period from 2016 to 2020."