BNP Paribas obtains stake in fintech firm Fortia Financial Solutions

French multinational bank and financial services company BNP Paribas announced that it has taken a minimum stake in a fintech startup Fortia Financial Solutions that has developed Innova, a new generation investment compliance platform.

The announcement shows a new step in the development of the partnership between BNP Paribas Securities Services and Fortia, which was last year introduced L’Atelier BNP Paribas during its Fintech & Corporate Accelerator program. The program enabled both partners to develop a strong relationship and start a dialogue in a climate of trust and cooperation.

“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,” Jean Devambez, Global head of product and clients solutions, Asset and Fund Services, at BNP Paribas Securities Services, 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.”

The bank’s stake in Fortia will be helping finance in the growth of the company and also benefit from BNP Paribas’ expertise and knowledge of its target market. Also, BNP Paribas Securities Services is seeking to implement Innova within its depositary banking business in order to help clients enhance controls and operational efficiency. The clients will also get access to advanced data and analytics.

“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,” Reda Bouakel, founder of Fortia, stated.