CampX by Volvo Group drives innovation with a new fintech focus area
GOTHENBURG, Sweden, 13 April 2023 /PRNewswire/ — CampX by Volvo Group recently expanded its focus areas for innovation to include financial technology, or fintech. Considering today’s offerings, fintech is helping to transform the financial industry through partnerships and collaborations with startups. This will accelerate the transition to sustainable transport solutions by finding new ways of working with customers and changing how customers can use the Volvo Group’s products and services.
“Our industry is undergoing a profound transformation, both in terms of the products we help customers acquire and through different business models that make it easier for customers to succeed in their business,” said Allen Atchley, senior vice president, strategy and innovation at Volvo Financial Services. “With this new focus area under the CampX umbrella, we have an enormous opportunity to cultivate new, disruptive innovations that will not only accelerate the transition to sustainable, fossil-free transport, but also create value for our customers and the Volvo Group. “
Fintech is driving transformation within the transportation industry, not only changing how customers use products and services, but how customers interact with these offerings. A good example is insurance technology, or insurtech, which looks closely at making insurance products more dynamic and more accessible. Fintech also fosters collaboration, connecting stakeholders and enabling them to work more closely together to realize a more sustainable future.
“The CampX concept has proven successful, with strong innovations resulting from collaboration,” said Helene Niklasson, head of CampX by Volvo Group. “Now with fintech as a focus area, we will even better support our customers with productivity and sustainable solutions.”
CampX by Volvo Group helps bring innovations to life by building partnerships with startups to accelerate technology and business innovation. This work is carried out in three tracks: the incubator, the accelerator and the venture builder. The CampX global innovation accelerator has locations in Gothenburg in Sweden, Bangalore in India, Lyon in Franceand Greensboro i the United States. Since its inauguration in 2019, CampX has hosted more than 50 startups as they developed their ideas. CampX focuses on innovation in connectivity, electromobility, automation, sustainability, and now also fintech.
As the captive finance arm of the Volvo Group, Volvo Financial Services provides financial services and solutions that fit the way businesses operate today, while continuously innovating to meet the needs of our changing world. Through a dedication to innovation, VFS helps customers obtain sustainable transportation and equipment solutions, helping them achieve potential growth while having a positive and lasting impact on the environment.
13 April 2023
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The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase customer uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the landscape of the future with sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in nearly 190 markets. In 2022, net sales amounted to 473 billion Swedish kroner (45 billion euros). The Volvo share is listed on Nasdaq Stockholm.
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SOURCE AB Volvo
