Partnering with Anthemis Group, UniCredit has earmarked the amount for investment in early and mid-stage fintech startups across Europe and North America.
The fund is also intended to facilitate investment in startups that will support UniCredit's digitization of its own retail operations.
The investment will cover such areas as retail banking and consumer finance, investment and corporate banking, wealth and asset management, capital markets and trading, payments and financial data, technology, and infrastructure, among others. Under the mantle of UniCredit, the joint venture will be spearheaded by its innovation team, under the remit of banking group Chief Operating Officer and Deputy General Manager Paolo Fiorentino. Conversely, at Anthemis, Nadeem Shaikh, founder and CEO of Anthemis Group, will oversee the partnership.