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Finance & Economics

Santander launches fintech venture capital fund

Sep 11, 2020

Mouro Capital will manage the existing portfolio of Santander Innoventures

Santander

Santander launches fintech venture capital fund. Source: shutterstock.com

Banco Santander has announced the launch of Mouro Capital, a new, autonomously managed venture capital fund.?It is focused on fintechs and adjacent businesses linked with the financial services industry.

Mouro Capital will have $400 million in allocated funds after the bank doubled its current commitment.

The decision to spin out its investment came out to accelerate Santander’s digital and commercial transformation. That would maintain its operational productivity whilst improving the customer experience.

The fund will keep deploying capital across Europe and the Americas. It will primarily lead investment rounds with initial investments of up to $15 million and further follow-on reserves.

The creation of our fintech venture capital fund in 2014 has allowed Santander to lead the industry in implementing new technologies, including blockchain, offering better services to our customers as a result. Innoventures has almost doubled the cash invested, despite being relatively young for a venture capital fund. Our goal is to build on that success, and by increasing our investment, while giving greater autonomy to the fund, we can be even more agile and further accelerate the digital transformation of the group
Ana Botín, Banco Santander executive chairman

We’ve reported that Banco Santander Chile has launched its new digital debit card.?It’s available to all of the clients with a debit card linked to their current Cuenta Life account, simple?debit?account, or e-checkbook. The university accounts are included as well.

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