Santander InnoVentures, the London based fintech venture capital fund of Santander Group, has secured a further $100m in funding from the group’s balance sheet.
Launched in 2014, the fund is now set to deploy a total of $200m — up from the $100m originally allocated — in minority stakes in financial technology startups.
The fund has already invested globally in a series of fintech startups: Socure (digital identity), SigFig (wealth management), Ripple, Digital Asset, Elliptic (blockchain), Kabbage (companies financing), Cyanogen (mobile ecosystems), MyCheck and iZettle (payments).
The fintech fund provides capital but also access to the scale of Santander group as a global financial institution, operating in 10 core markets in Europe and the Americas and serving more than 120m customers. Additionally, InnoVentures portfolio companies get access to the group’s experts in areas such as regulation, operations and technology.
“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. It will also allow us to explore new and exciting themes around artificial intelligence, machine learning, cognitive computing, digital banking and others,” managing partner Mariano Belinky 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. 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,” Banco Santander’s executive chairman Ana Botín said.