NAB bolsters ‘fintetch’ fund team
(4 April 2016 – Australia) National Australia Bank (NAB) has appointed Todd Forest, an entrepreneur and angel investor to lead it ‘fintech’ fund, NAB Ventures.
The $50 million fund will invest in fintech startups, as part of a plan to help boost innovation across the lender.
In addition to Forest, NAB has recruited Melissa Widner, one of the country’s most senior women in the venture capital space, and Bill Bartee, co-founder of Blackbird Ventures, who will be an adviser to the fund.
The appointments come as NAB Ventures is expected to make it first investment in the next few months.
The bank is optimistic that by taking minority stakes in startups it will be able to provide the financial muscle these smaller firms need to grow quickly, while also adopting promising ideas within the bank.
Speaking to Fairfax Media, Forest said "The intent is actually to commercialise the capabilities or the products jointly with the start-ups.”
For the past 12 years, Forest has been managing director of angel investment firm, Tasman Ventures, which invests in a range of Australian and US based startups, as well as being head of mobile payments firm Clipp.
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