In this episode, Andreas Munk Holm and Jeppe Høier sit down with Paul Morgenthaler, Partner at CommerzVentures, to unpack the inner workings of a single-LP CVC and how strategic structure can drive long-term VC success. Paul shares insights from over a decade of fintech investing, offering a rare look into how one of Europe’s leading corporate venture arms thinks about climate, compliance, and the coming wave of agentic AI in financial services.
They explore what it takes to make a single-LP model work, how GenAI is reshaping fintech workflows, and why European regulation may be a global feature, not a bug.
🎧 Here’s what’s covered:
03:54 How LP alignment shapes internal incentives & decision-making
06:28 What fundraising looks like when your only LP is a bank
12:52 How CommerzVentures handles regulatory risk
15:24 Customer insights from climate fintech portfolio founders
17:27 Climate policy, public budgets & surviving U.S. turbulence
19:10 Why ROI matters more than mission in today’s market
21:11 Timing markets vs. betting on long-term trends
33:35 What metrics matter most in AI x FinTech startups
39:19 Can the EU AI Act be a wedge for new startups?
41:55 Paul’s call to Series A/B fintech founders across Europe
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
Making the Single LP Model Work
Paul shares how CommerzVentures thrives under a single-LP setup, allowing for focus, fast decision-making, and strong internal alignment. With Commerzbank as its sole backer, the team can skip multi-LP roadshows and double down on supporting portfolio companies.
Climate FinTech: Not Just a Trend
Having coined the “climate fintech” category, Paul walks through the evolution from a few startups to 700+ globally. Recent investments like CarbMe show how regulation can be a wedge—by serving complex industrial decarbonization needs.
GenAI’s Retail Investment Potential
In a world of emotionally-driven retail investors, Paul envisions AI-enabled advisors that mix empathy with insight—bridging a huge gap in unadvised mass-affluent assets. CommerzVentures' recent investment in Unique shows the real-world traction of agentic workflows in regulated banking environments.
European Regulation as an Asset
Contrary to popular narratives, Paul argues Europe’s regulatory frameworks (e.g., insurance licensing, upcoming AI Act) provide fintech startups with clearer paths to scale than the U.S. In his view, regulation has often been the wedge that let companies build much larger platforms.
Connect with Europe’s leading LPs, Family Offices & Fund of Funds this September at Château de Beloeil.
Want to learn how a top LP navigates the industry? Join us on September 18th at 1:00 PM CET for an exclusive AMA with Raida Daouk, founder & Managing Partner of Amkan Ventures, the only (so far) fund of funds dedicated to backing solo GPs.
➡️ Register to attend below
With over a decade of experience spanning banking, venture capital, and fund-of-funds investing, Raida Daouk is the Founder and Managing Partner of Amkan Ventures—the first solo GP-led fund of funds in the Gulf region. She has backed several emerging U.S. venture managers and is building a portfolio of early-stage tech funds. Her mission is to bridge Gulf-based family offices with high-performing, hard-to-access venture funds in the U.S., unlocking global opportunities for regional investors.
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