(20 July 2016 – United Kingdom) Santander InnoVentures, the fintech venture capital fund of Santander Group, has secured an additional US$100 million (A$133 million) in funding from the group’s balance sheet.
With the new capital allocation, the fund has increased its total $200 million (doubling since its 2014 launch) in minority stakes in fintech startups.
The bank said the additional investment “highlights” its goal of remaining at the “forefront of innovation in the financial services industry, and builds on the bank’s ‘Fintech 2.0’ philosophy of collaboration and partnership with small and start-up companies”.
Ana Botín, group executive chairman of Banco Santander, said: “The fund’s base in the UK has allowed it to benefit from London’s position as a fintech hub, while talent-spotting our investments on a global basis. Santander remains committed to the UK and excited about its fintech enterprises.”
Since inception, Santander says the fund has already invested globally in a series of startups: Socure (digital identity), SigFig (wealth management), Ripple, Digital Asset, Elliptic (blockchain), Kabbage (companies financing), Cyanogen (mobile ecosystems), MyCheck and iZettle (payments).
According to Santander, the fund provides capital but also access to the “scale” of Santander Group, namely its operations in ten “core markets” in Europe and the Americas and serving more than 120 million customers. Additionally, InnoVentures portfolio companies get access to the group’s experts in areas such as regulation, operations and technology.