BNP Paribas launches new Fintech hub based in Paris

BNP Paribas and Plug and Play Fintech have announced plans to jointly establish a new Fintech hub in Paris called BNP Paribas – Plug and Play.

Building on an established relationship in the USA, the new venture hopes to take advantage of Brexit’s impact on the Fintech market by building a relationship between the USA and Europe to offer an alternative to the UK.

It is hoped that the new venture will be able to benefit from the decisions by HSBC to relocate 1,000 UK jobs to Paris and the French attempts to lure up to 20,000 jobs from the UK to Paris.  By offering a one stop Fintech consultancy with an established financial partner, the venture hopes to lure Fintech companies to Paris where there is an abundance of office space, residential property and manpower.

Jacques d’Estais, Group Deputy COO of BNP Paribas, said ”At BNP Paribas, we believe in open innovation as a strong driver to transform ourselves towards building the bank of the future and providing our customers with high-value products and services, this goes through developing Fintech incubation and acceleration ecosystems in Europe, the USA and Asia.”

Scott Robinson, VP & Founder of Plug and Play FinTech added “After successfully growing our FinTech community in the US, it is with significant consideration that we are moving forward with the Paris platform, we could not ask for a more committed and
consistent partner in BNP Paribas and look forward to bridging our activities between the US and Europe.”

This partnership hopes to open the doors for other financial institutions to get a first-hand look at European start-ups. Unlike other accelerators, BNP Paribas – Plug and Play will offer an open innovation platform, just as Plug and Play Fintech does in the US, where financial institutions and banks from around the world will collaborate together and be given access to meet with these start-ups.