From Competitors to Partners: Banks’ Venture Investments in Fintech

We thank Crunchbase for providing academic access to their data. For helpful comments and discussions, we thank Paul Beaumont (discussant), Zhiguo He (discussant), Jinyuan Zhang (discussant), Jiayin Hu (discussant), conference and seminar participants from the Australasian Finance & Banking Conference, China Financial Research Conference, European Finance Association Annual Meeting, FDIC Bank Research Conference, GSU-RFS Fintech Conference, Kobe University, Kyoto University, Hitotsubashi University, Midwest Finance Association Annual Meeting, NanKai University Economic & Finance Forum, Northern Finance Association Annual Meeting, Duke University, Fudan University, Peking University, Seoul National University, Sun Yat-sen University, Sungkyunkwan University, Tsinghua University, Virginia Tech, WEFI Virtual Seminar, University of Alabama, University of Connecticut, University of Illinois Chicago, University of New South Wales, University of Oxford, and University of Tokyo. The authors are responsible for any errors or omissions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.