BNP Paribas Securities Services Supports Fortia Financial Solutions
- FinTech StartUps
- 30.01.2017 10:45 am
BNP Paribas Securities Services has taken a minority stake in fintech start-up Fortia Financial Solutions, a software company which uses artificial intelligence, machine learning and business process monitoring to help the fund industry meet rising compliance requirements and manage mounting volumes of data.
Founded in 2012, Fortia has developed Innova, a new generation investment compliance platform. Innova helps asset managers and asset owners ensure they have the right controls in place to systematically and efficiently monitor the compliance of their funds with local and international regulatory requirements.
Today’s announcement marks a new step in the development of the partnership between BNP Paribas Securities Services and Fortia, which were introduced to each other by L’Atelier BNP Paribas during its Fintech & Corporate Accelerator programme last year. The programme, which focuses on business development, has been designed to create value for the start-ups taking part, BNP Paribas’ businesses and its clients. It enabled Fortia and BNP Paribas Securities Services to develop a strong relationship and start a dialogue in a climate of trust and cooperation.
BNP Paribas Securities Services’ stake in Fortia is expected to help finance the growth of the company, which will also benefit from BNP Paribas’ expertise and knowledge of its target market. BNP Paribas Securities Services also intends to implement Innova within its depositary banking business, helping clients enhance controls and operational efficiency and get access to advanced data and analytics and scenario simulation applications.
Jean Devambez, Global head of product and clients solutions, Asset and Fund Services, at BNP Paribas Securities Services, said: “Fortia’s Innova solution tackles two very real challenges for financial services companies and institutional investors - growing regulatory requirements and mounting volumes of data - by applying new technologies in an intelligent and innovative way.
“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.”
Reda Bouakel, founder of Fortia, said: “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.
“This strategic partnership marks a decisive step in Fortia’s development and ambition to become one of the leading providers of technological solutions dedicated to investment compliance monitoring, anti-money laundering, KYC and reporting.”