Major European banking group invests in tech firm

ING and Eigen aim to accelerate the development of use cases in such areas as trade finance and SME banking

ING and Eigen

Major European banking group invests in tech firm. Source: shutterstock.com

ING announced it would make an investment in the London-based provider of natural language processing (NLP) technology Eigen Technologies.

According to information, the €4.5 million investment is part of Eigen’s Series B investment round announced in November 2019. This way, ING bank is joining other investors including Goldman Sachs, Temasek, Lakestar, and Dawn Capital.

ING will use Eigen’s help to establish NLP models fully adapted to the financial industry’s need for data extraction.

This partnership allows both companies to work closer together when implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation
Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures 

Besides, the bank is already using Eigen’s NLP technology in areas such as LIBOR (London Inter-bank Offered Rate) transition and loan operations.

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