/ABN AMRO invests in data company Trifacta (via Qpute.com)
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ABN AMRO invests in data company Trifacta (via Qpute.com)

Dutch bank ABN AMRO has dipped into its Digital Impact Fund (DIF) and invested in data tech firm Trifacta.

US-based Trifacta enables companies to manage their data quality, preparation, and pipelines. This is achieved through a platform that it natively integrated with all major cloud providers. Therefore, the critical barrier data wrangling presents to success of analytics and machine learning is removed.

According to ABN AMRO, Trifacta is the “market leader” in data wrangling. Trifacta’s  cloud-native solution wrangles data from various sources so that companies can make critical business decisions.

Hugo Bongers, Director of ABN AMRO DIF: “Trifacta’s solutions offer big opportunities to companies in many sectors whose future lies in working in a data-driven manner. It’s no wonder market analysts at Forrester and Gartner give the firm a top listing in their sector. With this investment, we’re once again adding a prominent data and tech company to our portfolio and strengthening our position in the ecosystem of leading global investors in the tech sector.”

This is the ninth investment from the ABN AMRO DIF, which invests in digital firms. The fund is €50m ($55.4m) and has interests in ThetaRay, Tealium, Tink, BehavioSec, solarisBank, Ockto and Crosslend. It also previously invested in Cloud Lending Solutions but ended that in 2018.

In addition, Moneyou, the online arm of Dutch banking group ABN AMRO, offloaded its Belgian savings portfolio to Keytrade Bank.

Financial terms of the transaction were not revealed, but the acquired unit managed around €2bn in assets.

Earlier this year, ABN AMRO sold a 75% stake in its subsidiary Stater to Infosys.

However, ABN AMRO retained the remaining 25% holding.

In June, it collaborated with QuTech, a joint venture between TNO and TU Delft, to explore how quantum computing can be used to secure online and mobile banking.

The move was said to be in response to the quick progress of quantum technology, which has the ability to break existing encryption methods.

As a result, existing digital banking security systems may become ineffective in the long run.

The firms will work on developing an advanced system for Measurement Device Independent-Quantum Key Distribution (MDI-QKD).

QKD is said to enable multiple users connect using a central measurement and exchange complex codes.

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