Santander announces brand new venture capital firm for fintechs

By | September 11, 2020

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

Created in 2014, Santander Innoventure had an original $100mn allocation, which improved to $200mn following 2 seasons. Santander’s replacement fund is going to begin with double the earlier commitment, having $400mn allocated.

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

“Innoventures has nearly doubled the dollars invested, even with being fairly young for a venture capital fund. The goal of ours is building on that accomplishment, as well as by boosting the funding of ours, while providing significantly greater autonomy to the fund, we can be much more nimble and further speed up the digital transformation of the group.”

Mouro Capital is going to target earlier and development phase fintech startups, backing these businesses with its strong worldwide networking as well as fintech knowledge. The firm is going to be lead by Manuel Silva Martínez who is seasoned with 5 years of expertise with Innoventures, his previous two years spent leading the fund.

“By starting to be more autonomous, we will gain in agility, catch the attention of entrepreneurial skill to the commitment staff members, and therefore more arrange to our entrepreneurs’ success.” Martínez mentioned, “We are actually eager to keep on supplying strategic worth to Santander, improving our partnership and working with our profile businesses to support the bank in shaping fintech innovation.”

Santander has a proven track record of effective investments, which includes numerous fintech unicorns as Tradeshift, Upgrade and Ripple. Being renowned for achieving success and methodology offers the confidence as well as confidence youthful companies as well as startup rely on in investors, Innoventures, for instance, has had an inner price of earnings of 25-35 % assortment after 2014.

Mouro Capital has put in an assortment of bodily assets to the funding team of its, with the straightforward aim of boosting business advancement opportunities and partnerships within the collection of its. Uniqueness, utilising helpful solutions and effort will probably be the keys to being successful in the new venture.