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 at fintechs and similar financial services organizations. The new brand is going to replace as well as handle Santander Innoventure’s old profile of investments, which includes thirty six startups in Europe as well as the Americas.

Founded in 2014, Santander Innoventure had an initial $100mn allocation, which improved to $200mn following 2 seasons. Santander’s substitute fund is going to begin with double the prior commitment, possessing $400mn allotted.

“The creation of our fintech venture capital fund in 2014 has made it possible for Santander to direct the market in employing brand new solutions, including blockchain, offering better services to the clients of ours as a result,” said Ana Botín, Executive Chairma at Banco Santander.

“Innoventures has nearly doubled the hard cash invested, even with simply being fairly younger for a venture capital fund. The objective of ours is to build on that accomplishment, as well as by boosting the funding of ours, while producing greater autonomy to the fund, we can be even more nimble and further speed up the digital transformation of the group.”

Mouro Capital will target earlier and development period fintech startups, backing these companies with the solid worldwide networking of its as well as fintech experience. The firm will be lead by Manuel Silva Martínez who is seasoned with 5 years of experience at Innoventures, his last 2 years spent leading the fund.

“By starting to be increasingly autonomous, we are going to gain in agility, catch the attention of entrepreneurial ability to the investment staff, and therefore additional arrange to our entrepreneurs’ success.” Martínez stated, “We are eager to hold on supplying strategic value to Santander, improving the partnership of ours and working with our profile businesses to allow for the bank in shaping fintech innovation.”

Santander has a proven track record of highly effective investments, which includes numerous fintech unicorns as Tradeshift, Ripple and Upgrade. Being well known for success as well as plan provides the confidence as well as confidence youthful organizations as well as startup depend on in investors, Innoventures, for example, has had a bodily rate of returns of 25-35 % assortment after 2014.

Mouro Capital has added a range of bodily information to its funding staff members, with the basic aim of improving business developing opportunities as well as partnerships within its profile. Uniqueness, utilising beneficial systems as well as collaboration will probably be the keys to achievement in the brand new venture.