In a move within FinTech that spans continents, Rakuten, the eCommerce and investment firm, said Wednesday (Jan. 11) that it is debuting a European commercial banking unit via Luxembourg.
The firm said in a release that Rakuten Europe Bank will initially make its bailiwick with deposit and loan services geared toward merchants, tied to PriceMinister, the eCommerce platform based in France. The eventual expansion of services will include Banking-as-a-Service, with extensions regionally through Europe.
Rakuten noted that it formed a $100 million FinTech fund in 2015, with investments spread across several startups, not just in Europe but in North America, too, with stakes in BlueVine and Azimo, among others. In addition, the firm also established a blockchain development lab based in Northern Ireland to help work with existing investments focused on FinTech.
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