Santander announces new venture capital firm for fintechs

Spanish multinational banking giant, Banco Santander today announced the launch of Mouro Capital, an autonomously managed venture capital fund aimed for fintechs and corresponding financial services businesses. The brand new brand name is going to replace as well as manage Santander Innoventure’s old portfolio of investments, that includes 36 startups in Europe and the Americas.

Developed in 2014, Santander Innoventure had an initial $100mn allocation, which enhanced to $200mn after 2 seasons. Santander’s replacing fund is going to begin with double the earlier commitment, having $400mn allotted.

“The generation of our fintech venture capital fund in 2014 has permitted Santander to lead the sector in applying new technologies, including blockchain, offering better solutions to the clients of ours as a result,” stated Ana Botín, Executive Chairma at Banco Santander.

“Innoventures has practically doubled the cash invested, even with simply being fairly young for a venture capital fund. Our aim is building on that accomplishment, as well as by boosting the investment of ours, while producing greater autonomy to the fund, we are able to be much more nimble and further accelerate the digital transformation of the group.”

Mouro Capital will target earlier and growth period fintech startups, backing these businesses with the solid global network of its and fintech expertise. The firm would be lead by Manuel Silva Martínez who is seasoned with five yrs of experience at Innoventures, his past 2 years spent leading the fund.

“By becoming more autonomous, we will gain in agility, attract entrepreneurial skill to the expenditure team, and further align to our entrepreneurs’ success.” Martínez said, “We are eager to hold on supplying strategic worth to Santander, enhancing the partnership of ours and working with our profile companies to support the savings account in shaping fintech innovation.”

Santander has a tested track record of effective investments, including numerous fintech unicorns like Tradeshift, Ripple and Upgrade. Being well known for being successful as well as strategy delivers the trust and confidence fresh corporations as well as startup rely on in investors, Innoventures, for example, has had an inner price of results of 25-35 % range after 2014.

Mouro Capital has included a range of bodily resources to the funding staff members of its, with the simple aim of improving business growing opportunities and partnerships within its portfolio. Originality, utilising useful technologies and effort will probably be the keys to achievement in the new opportunity.