E574 | Paul Morgenthaler, CommerzVentures: Why CVC Works Best with a Single LP

Listen to this episode from EUVC on Spotify. 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-making06:28 What fundraising looks like when your only LP is a bank12:52 How CommerzVentures handles regulatory risk15:24 Customer insights from climate fintech portfolio founders17:27 Climate policy, public budgets & surviving U.S. turbulence19:10 Why ROI matters more than mission in today’s market21:11 Timing markets vs. betting on long-term trends33:35 What metrics matter most in AI x FinTech startups39:19 Can the EU AI Act be a wedge for new startups?41:55 Paul’s call to Series A/B fintech founders across Europe