Santander has spun out its venture capital vehicle into a new entity named Mouro Capital, which is focussed on fintechs and other businesses in the finance sector.
Santander has also doubled its allocated funds at the autonomous Mouro Capital to $400m, from the previous $200m.
Go deeper with GlobalData
Mouro Capital – which succeeds Santander Innoventures – will be the lead investor in the funding rounds of fintech firms with up to $15m of capital injection, initially.
Established in 2014 with an initial capital of $100m, Santander Innoventures has invested in 36 startups in Europe and the US.
Mouro Capital will handle Santander Innoventures’ existing portfolio of investments. It will continue to provide funding in Europe and the US.
The fund will be spearheaded by Innoventures general partner Manuel Silva Martínez and senior adviser Chris Gottschalk.
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.
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 GlobalDataThe launch of Mouro Capital is part of the bank’s €20bn ($23.7bn) digital and technology investment plan, for four years until 2022.
Martínez said: “By becoming more autonomous, we will gain in agility, attract entrepreneurial talent to the investment team, and further align to our entrepreneurs’ success.
“We are eager to keep on delivering strategic value to Santander, enhancing our partnership and working with our portfolio companies to support the bank in shaping fintech innovation.”
Banco Santander executive chairman Ana Botin said: “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.”
Santander Innoventures has helped companies like Ripple, Tradeshift and Upgrade reach their unicorn status.
Moreover, 70% of the fund’s portfolio includes companies that are partners with Santander. The new brand, Mouro Capital, will continue to form strategic collaborations.
The fund will add internal resources to its investment team to focus on partnerships and business development opportunities.
Meanwhile, in a key development earlier this month, First BanCorp acquired Banco Santander Puerto Rico.
