ONE OF Italy's largest investment banks Mediobanca has committed €12m (£10.4m) to a joint venture with early-stage investor Founders Factory to help scale fintech startups.

The joint venture will build and invest in 35 fintech businesses over the next five years.

Mediobanca's investment will help underpin a new fintech venture studio accelerator, enabling innovation in financial services by supporting international fintech startups.

Its focus will be on ventures that use advanced technologies, such as blockchain and AI, to innovate in the financial services market.

Under plans announced earlier this year, Mediobanca is attempting to establish itself in the tech space more broadly, in particular by adopting artificial intelligence.

The new investment follows a series of moves in London by Mediobanca. In May, it acquired London-based Arma Partners, Europe's top adviser to software buyouts, for an undisclosed sum.

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