Union Bank recently announced the launch of a new platform called Union Bank Tech Ventures. The Union Bank Tech Ventures will be providing tailored services to tech companies. The announcement was made at TechPoint Build (a tech conference for tech experts, investors and tech start-ups and business). The TechPoint Build and Union Bank Tech Ventures announcement was held in Lagos.
About Union Bank Tech Ventures
The Union Bank Tech Ventures is a platform created for tech-based businesses. The platform provides support services for tech business in various stages of their lifecycles. Such services include venture capital funding, mentorship, business advisory and accelerator partnerships services. The goal of the platform is to nurture tech ideas to fruition. Union Bank Tech Ventures offers 3 packages:
- Nurture Package: This package is for young tech companies. Union Bank Tech Ventures will be offering these young tech companies services like loans (collateral free loans), mentorship services and access to utilities, office space and fast internet.
- Scale Package: This package supports tech-businesses who are ready to scale up their business. They will offer them business advisory services, funding and access to relevant partnerships in different areas.
- Unicorn Package: This package supports mature tech companies. They offer these tech companies unique partnerships, distribution channels, customers, business advisory services and credit option.
Union Bank Speaks on Union Bank Tech Ventures
Mr Kunle Sonola the Head of Commercial Banking at Union Bank spoke at the unveiling event. He said that the Bank is focused on developing services that will offer real value-adding solutions for emerging and established sectors in Nigeria. He stated that the Union Bank Tech Venture was created as a response to the emergence and accelerated in the tech space. Sonola explained that the goal of the platform is to get involved in these businesses from startup stage. They want to help nurse the ideas while also supporting them until they have reached the Unicorn stage. He also explained that Union Bank believes that
Union Bank’s new platform solidifies the bank as a bank interested in supporting tech innovations and startups. In 2017, the Bank started an annual innovation challenge. The challenge was organized to encourage budding entrepreneurs who were building innovative solutions which addressed social and business challenges. They also started a business acceleration programme called Startup Connect in partnership with Co-Creation hub. The programme gave the opportunity for Nigerian businesses to create tech-based solutions for the emerging African market to partner with Union Bank.