Spanish multinational banking giant, Banco Santander today announced the launch of Mouro Capital, an autonomously maintained venture capital fund targeted for fintechs and similar financial services companies. The new brand will replace as well as manage Santander Innoventure’s aged collection of investments, that encompasses 36 startups in Europe and the Americas.
Created in 2014, Santander Innoventure had an initial $100mn allocation, that improved to $200mn after 2 years. Santander’s replacing fund is going to begin with double the prior commitment, having $400mn allotted.
“The development of our fintech venture capital fund in 2014 has made it possible for Santander to steer the market in applying brand new technologies, as well as blockchain, offering better services to the clients of ours as a result,” stated Ana Botín, Executive Chairma at Banco Santander.
“Innoventures has practically doubled the money invested, even with simply being relatively younger for a venture capital fund. Our goal is building on that success, and by increasing the investment of ours, while giving greater autonomy to the fund, we can be even more agile and further accelerate the digital transformation of the group.”
Mouro Capital will target early and development period fintech startups, backing these companies with its solid global network as well as fintech knowledge. The firm will be lead by Manuel Silva Martínez who is seasoned with five years of know-how at Innoventures, his previous two 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 commitment staff, and more format to our entrepreneurs’ success.” Martínez said, “We are actually eager to maintain on supplying strategic worth to Santander, enhancing the partnership of ours and working together with our profile companies to support the bank account in shaping fintech innovation.”
Santander has a tested track record of effective investments, which includes many fintech unicorns as Tradeshift, Upgrade and Ripple. Being famous for being successful as well as methodology delivers the self-confidence as well as confidence fresh businesses as well as startup depend on in investors, Innoventures, for instance, has had a bodily price of returns of 25 35 % assortment after 2014.
Mouro Capital has added a range of internal information to the funding staff members of its, with the basic aim of increasing business advancement opportunities and partnerships within the collection of its. Innovation, utilising helpful systems and effort will likely be the keys to success in the brand new venture.