According to local media sources, Luxembourg bank BGL BNP Paribas has confirmed plans to close its incubator, Lux Future Lab, on 1 January 2021.

Since its creation in 2012, the Lux Future Lab has been a pioneer of the Luxembourg "start-up nation", having hosted around 60 start-ups and contributed to success stories such as Trendiction, LuxAI, Jobtoday, Mangopay, Crosslend and Birdee.

In recent years, this ecosystem has undergone a strong evolution. Various hosting structures have been set up, largely meeting this primary need of start-ups. BGL BNP Paribas actively supported these developments, particularly by getting involved in 2016 in the project which led to the creation one year later of the Luxembourg House of Financial Technology (LHOFT), which hosts many FinTechs.

Through its "Innovation Pole", which acts as an exclusive point of contact for start-ups, BGL BNP Paribas has been providing them with experts who are aware of the specific needs of start-ups in the process of creation or development and who can direct them towards the most suitable products and services, ranging from opening an account to preparing for a capital increase, including banking solutions such as financial leasing, factoring or cash management. 

In addition, the teams of the Innovation Pole use the InnovFin programme to support the development of start-ups. This programme, set up by the European Investment Fund in partnership with the European Commission, enables the bank to improve access to financing for innovative small and medium-sized enterprises (SMEs) in the country. BGL BNP Paribas has already granted loans to the tune of around €38 million as part of this programme.

The BGL BNP Paribas Innovation Pole teams specialize in the ICT, Fintech, circular economy and Greentech sectors. They currently support some 160 startups. In addition to adapted financial and banking solutions, start-ups receive access to the BNP Paribas Group's international network and the close links that BGL BNP Paribas has forged with the Luxembourg ecosystem.

Nevertheless, the Lux Future Lab recently announced to start-ups that it will close at the start of next year. Official confirmation of the closure is yet to come.