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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 similar financial services businesses. The brand new brand name will replace and control Santander Innoventure’s old portfolio of investments, that covers 36 startups in Europe and the Americas.

Developed in 2014, Santander Innoventure had an initial $100mn allocation, that enhanced to $200mn following two years. Santander’s substitute fund will begin with double the preceding commitment, having $400mn allotted.

“The creation of our fintech venture capital fund in 2014 has allowed Santander to steer the industry in applying brand new systems, including blockchain, offering much better solutions to the consumers of ours as a result,” mentioned Ana Botín, Executive Chairma at Banco Santander.

“Innoventures has almost doubled the dollars invested, despite being relatively young for a venture capital fund. Our aim is actually to build on that achievement, as well as by increasing the funding of ours, while providing significantly greater autonomy to the fund, we can be even more nimble and further accelerate the digital transformation of the group.”

Mouro Capital is going to target earlier and development stage fintech startups, backing these businesses with the strong global networking of its and fintech expertise. The firm is going to be lead by Manuel Silva Martínez who’s seasoned with 5 years of expertise at Innoventures, his past 2 years spent leading the fund.

“By becoming more autonomous, we are going to gain in agility, attract entrepreneurial ability to the expenditure staff members, and then more format to our entrepreneurs’ success.” Martínez said, “We are actually wanting to keep on supplying strategic value to Santander, enhancing our partnership and working with our portfolio business enterprises to support the bank in shaping fintech innovation.”

Santander has a tested track record of effective investments, including numerous fintech unicorns as Tradeshift, Ripple and Upgrade. Being famous for achieving success as well as methodology offers the trust as well as confidence youthful businesses and startup depend on in investors, Innoventures, for instance, has had a bodily fee of earnings of 25 35 % assortment after 2014.

Mouro Capital has added an assortment of bodily information to its funding team, with the basic aim of enhancing business development opportunities and partnerships within its profile. Originality, utilising useful technologies as well as collaboration will probably be the keys to achievement in the new endeavor.