Santander InnoVentures, Santander’s fintech venture capital fund, has led the Series B funding round from digital debt marketplace CrossLend.
Funding totalled €35m ($38.6m) and also come from existing investors Lakestar, ABN AMRO Ventures, and Earlybird.
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The Germany-based CrossLend was founded in 2014 and provides a digital debt marketplace for consumer, SME, invoices, mortgages and other forms of debt. This is in turn available to a wide range on institutional investors.
Loan originators can expand their capacity and increase income and reduce pressure from capital requirements and the same time. Institutional investors also gain a number of investable assets in a transferable form. Furthermore, capital can flow into Europe’s economy and makes the lending and investment ecosystem more transparent.
Manuel Silva Martínez, partner and head of Investments at Santander InnoVentures, said: “By developing technology that digitises processes done manually today and building a regulatory infrastructure that allows for a truly pan-European platform, CrossLend is addressing several key opportunities: the ability for banks to mobilise balance sheet assets for regulatory capital optimisation, and connecting alternative originators and banks alike with new sources of capital in-market and cross-border, all of this seamlessly and profitably.”
Oliver Schimek, CEO and founder of CrossLend, said: “Well-functioning debt capital markets are crucial for stability in Europe, yet investment banking in debt markets has mostly remained undisrupted through digitisation until now. The arteries of our financial system are clogged, leading to severe economic restrictions for companies and individuals in Europe. CrossLend re-wires the debt market in the spirit of the European capital markets union. We are already in conversations with further banks regarding joining the consortium of investors in the coming months, and we are very proud that Santander InnoVentures and ABN AMRO Ventures have already recognised CrossLend as the key driver of an efficient financing backbone for Europe’s economy.”
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By GlobalDataMore equity investors are expected in the few months. In addition, Martinez will join CrossLend’s advisory board.
