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 targeted for fintechs and related financial services companies. The brand new brand will replace and handle Santander Innoventure’s old profile of investments, which covers 36 startups in Europe as well as the Americas.

Created in 2014, Santander Innoventure had an original $100mn allocation, that increased to $200mn after 2 years. Santander’s replacement fund is going to begin with double the previous commitment, possessing $400mn allotted.

“The creation of our fintech venture capital fund in 2014 has made it possible for Santander to lead the industry in applying new systems, including blockchain, offering better services to our clients as a result,” stated Ana Botín, Executive Chairma at Banco Santander.

“Innoventures has practically doubled the money invested, despite simply being relatively younger for a venture capital fund. Our goal is building on that accomplishment, as well as by boosting the funding of ours, while providing significantly greater autonomy to the fund, we are able to be even more agile and further speed up the digital transformation of the group.”

Mouro Capital is going to target earlier and growth phase fintech startups, backing the businesses with the solid global networking of its as well as fintech knowledge. The tight will be lead by Manuel Silva Martínez who’s seasoned with 5 yrs of know-how at Innoventures, his past 2 years spent leading the fund.

“By starting to be increasingly autonomous, we will gain in agility, catch the attention of entrepreneurial talent to the investment team, and then further align to our entrepreneurs’ success.” Martínez stated, “We are actually eager to hold on delivering strategic value to Santander, boosting the partnership of ours and dealing with our collection business enterprises to allow for the bank in shaping fintech innovation.”

Santander has a tested track record of successful investments, which includes numerous fintech unicorns as Tradeshift, Ripple and Upgrade. Being well known for being successful and plan provides the self-confidence as well as confidence fresh organizations and startup depend on in investors, Innoventures, for instance, has had an internal rate of results of 25 35 % assortment after 2014.

Mouro Capital has added a range of internal information to its investment staff members, with the simple focus of improving business growth opportunities as well as partnerships within the profile of its. Originality, utilising beneficial systems and collaboration are going to be the keys to being successful in the new opportunity.