Spanish banking group Banco Santander is set to boost its investment in its UK-based fintech fund Santander InnoVentures from $100m to $200m.

The fintech fund was launched in 2014 with an initial allocation of $100m to finance minority stakes in fintech startups.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Since its launch, the fund has invested in various fintech startups across the globe, namely Socure, SigFig, Ripple, Digital Asset, Elliptic, Kabbage, Cyanogen, MyCheck and iZettle.

Santander InnoVentures managing partner Mariano Belinky said: “This commitment allows the fund to continue expanding the work we are doing across geographies and investment themes. It will help us expand our portfolio to exciting geographies like Latin America and explore more opportunities across Europe.”

The investment will also enable the bank to explore new themes related to artificial intelligence, machine learning, cognitive computing, digital banking, among others, Belinky added.

Banco Santander executive chairman Ana Botin said: “A deeper investment in our fintech fund represents Santander's success in investing in disruptive new technologies that will help our transformation towards being the best bank for our customers – in the simple personal and fair way they expect and deserve today."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Santander senior executive vice president and head of innovation Peter Jackson said: “The fund is an essential part of Santander's broader innovation strategy. The success of the work Mariano and the team are doing is confirmed by this second round of funding.”