BNP Paribas backs FinTech start-up for depositary business

BNP Paribas Securities Services has secured a stake in software company Fortia that uses AI to aid regulatory compliance and data management in the fund industry.
By Paul Walsh
BNP Paribas Securities Services has taken a minority stake in FinTech start-up Fortia Financial Solutions, with an eye on implementing its technology within its depositary banking business.

Founded in 2012, Fortia has since developed investment compliance platform – Innova – designed to aid asset managers and owners in ensuring their funds remain compliant with all necessary regulatory requirements.

The rollout of Innova in BNP Paribas Securities Services’ depositary banking business will target an improvement in operational efficiency and client access to advanced data and analytics.

“Fortia’s Innova solution tackles two very real challenges for financial services companies and institutional investors, growing regulatory requirements and mounting volumes of data,” said Jean Devambez, global head of product and client solutions for asset and fund services at BNP Paribas Securities Services.

“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 deal marks a new step in the relationship between BNP Paribas and Fortia since an initial introduction during BNP Paribas’ FinTech and corporate accelerator programme in 2016.

“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,” said Reda Bouakel, founder of Fortia.