Fintech is possibly the best possible thing to have happened in the financial industry in many years, and due to the highly innovative products that have been developed by enterprising tech minds, many Fintech companies are making a real difference. Hence, it is not a surprise that many of the biggest banks in the world are now either acquiring Fintech companies or building up key partnerships with them in order to give their own customers a better service. In a new development, French banking giant BNP Paribas, which also happens to be the biggest in Europe in terms of assets, has signed a strategic partnership agreement with Fintech startup OneUp.
By way of the partnership, BNP Paribas will be able to provide automated cloud banking services to its legion of small business customers and needless to say, it would be a significant improvement in terms of the level of service. BNP Paribas had been working on developing new Fintech companies through its incubator network, and OneUp is definitely one of its successes, considering the fact that the bank is now ready to do business with them. The bank could have tried to speed up the digital shift in its banking on its own, but instead, it chooses to do it through this particular partnership. OneUp is already in business with a range of small businesses and has been selling its services in a SaaS (software as a service) model.
Speaking about the association with BNP Paribas, the Chief Executive Officer of OneUp, Francois Nadal stated, “The close collaboration with the BNP Paribas team provided us the opportunity to understand where there were in their digital transformation cycle and fully customize our offering to their needs which were key to the successful launch of the service this year and hopefully will open up more partnerships with other large banks.” It is, without a doubt, a significant partnership for OneUp and could prove to be a pathway to earning more key partnerships with the biggest banks over the years to come.