Spanish multinational banking giant, Banco Santander today announced the launch of Mouro Capital, an autonomously managed venture capital fund aimed at fintechs and related financial services companies. The new brand name will replace as well as handle Santander Innoventure’s old portfolio of investments, that covers thirty six startups in Europe and also the Americas.
Created in 2014, Santander Innoventure had an original $100mn allocation, which increased to $200mn following two years. Santander’s replacement fund will begin with double the preceding commitment, having $400mn allotted.
“The development of our fintech venture capital fund in 2014 has allowed Santander to lead the market in employing new technologies, including blockchain, offering better services to the customers of ours as a result,” said Ana Botín, Executive Chairma at Banco Santander.
“Innoventures has almost doubled the money invested, despite simply being somewhat youthful for a venture capital fund. Our objective is to build on that achievement, and also by increasing our funding, while giving greater autonomy to the fund, we can be much more nimble and further accelerate the digital transformation of the group.”
Mouro Capital will target earlier and development phase fintech startups, backing the companies with its strong global network and fintech knowledge. The tight would 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 will gain in agility, catch the attention of entrepreneurial talent to the investment team, and therefore further align to our entrepreneurs’ success.” Martínez stated, “We are actually desperate to hold on giving you strategic worth to Santander, boosting the partnership of ours and working together with our portfolio business enterprises to allow for the savings account in shaping fintech innovation.”
Santander has a tested track record of successful investments, this includes many fintech unicorns as Tradeshift, Ripple and Upgrade. Being famous for achieving success as well as plan delivers the self-confidence as well as confidence youthful organizations as well as startup depend on in investors, Innoventures, for example, has had a bodily fee of results of 25-35 % range after 2014.
Mouro Capital has added a range of internal information to its funding staff members, with the straightforward emphasis of enhancing business growth opportunities as well as partnerships inside its portfolio. Uniqueness, utilising helpful systems and collaboration will probably be the keys to achievement in the brand new endeavor.