Commerzbank is joining forces with startup incubator Tenity to launch a joint innovation accelerator for sustainable finance.
The programme aims to develop proof-of-concepts and collaborations between start-ups and Commerzbank business units, promoting innovative products in various sustainability areas such as biodiversity, real estate and supplier management.
Climate-related startups are beating the wider downturn in fintech funding, with Europe leading the way, according to recent data from CommerzVentures, the VC funded by Germany's Commerzbank.
Bettina Storck, head of group sustainability management at Commerzbank, says: "The sustainable transformation of the financial sector is dependent on continuous development and regular innovation. We are convinced that the Joint Innovation Accelerator will generate precisely these innovations and further advance our commitment to sustainability."
The Accelerator will run from September to October 2024. Succcessful startups will join a demo day at the neosfer Impact Festival on 30 October 2024 in Frankfurt.
Neosfer is the early-stage investor and innovation unit of Commerzbank Group. The German bank in 2022 rebranded the unit as part of a sharper focus on sustainability and green tech firms. The incubator, which has already invested in several sustainable startups, also develops its own prototypes and venture building projects as it seeks to push the green economy.
Kai Werner, managing director of neosfer, says: "Sustainable solutions are becoming increasingly important in the financial sector. They are a key lever when it comes to the sustainable transformation of our economy. This makes it all the more important to identify new business models in this area and test them under the best possible conditions."
Learn more about the latest innovations in the sustainable finance sector at Finextra's annual Sustainable Finance Live conference, taking place on 8 October 2024.