The Federal Investment and Partnership Company (FPIM) invests 14.5 million euros in the Belgian identity app itsme and thus acquires a fifth of the shares. The other six shareholders, all from the banking and telecom sectors, are also contributing additional capital. All this brings the total capital increase to 24.7 million. “These are important new steps towards a European digital identity,” the company said in a press release.
It has been known for some time that it is working on the European track. The company is already active in Luxembourg and recently took its first steps in the Netherlands. “The app has all the assets to play a European role as well,” says Tom Feys of FPIM. “Given the strategic importance the government has to the government and our ambition to support Belgian champions with international ambitions, it makes sense to put this on the table.”
The application is the work of a consortium of seven private companies, Belfius, BNP Paribas Fortis, ING Belgium, KBC, Orange, Proximus and Telenet. This group will now also be joined by SFPI. Besides Orange, the other six companies are also investing 1.7 million each. Orange did not participate in the previous capital increase in 2018 either. “This is a strategic decision by Orange, but they remain enthusiastic on board,” a spokeswoman said.
The app currently has 3.5 million users.