Tech investor AXA Venture Partners has raised $150m for the first close of its second early stage fund.
The firm’s first close has already put ahead of its first early-stage fundraise which closed on $110m back in 2015 and is now fully deployed.
AVP Early Stage II will focus on early-stage tech business located in North America, Europe and Israel. The firm is seeking opportunities in the enterprise SaaS, consumer platform and SME services sectors with particular focus on FinTech and digital health.
Axa’s previous FinTech investments include mobile on-demand insurance platform Verifly, Fundshop, an online platform dedicated to helping its users build and manage their savings investment portfolio easily, and GoldBean, an online platform where wannabee-investors can start their personalized portfolio and manage their investments.
AVP has planned to make initial investments up to $6m and will offer portfolio companies business development opportunities with AXA and other relevant corporations.
AVP managing partner Francois Robinet said, “This fundraise was completed at a record speed with existing and new investors. This is a strong vote of confidence for our team and strategy, and a recognition of what has been achieved with our first Early Stage Fund.
“We plan to hold Paris – London – New York – San Francisco – Hong Kong a second closing with additional new investors. This fundraise strengthens AVP’s positioning as a leading player for ambitious entrepreneurs across Europe and North America.”
AVP, which is backed by insurance giant AXA, rebranded from AXA Strategic Ventures in April last year. The firm has $600m of assets under management through its
early stage, growth stage and fund of funds strategies.
Last week the firm joined investors in a $33.5m Series C funding round for cloud-based enterprise software developer for the employee benefits industry, Limelight Health.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
