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Home Fintechs Santander doubles funds to $400M with the launch of Mouro Capital

Santander doubles funds to $400M with the launch of Mouro Capital

Banco Santander’s FinTech venture capital Innoventures fund is moved under a new entity called Mouro Capital.

With that, the bank is doubling its investment in the operation to $400 million as it has announced this on Friday.

Read also: Klarna is looking to raise $500 million and double valuation to $10bn

“The decision to spin out its investment arm is another milestone in Santander’s four-year, 2019-2022, $23.6 billion digital and technology investment plan. The group is accelerating its digital and commercial transformation to maintain its operational excellence, while constantly improving the customer experience and innovative services it brings to customers,” the news release informed.

Mouro will most likely continue to deploy capital across Europe and the Americas. The funding is going to be focused on leading rounds with initial investments of up to $15 million and further follow-on reserves.

According to the bank, the fund now operating as Mouro Capital has recorded returns of 1.75x cash-on-cash multiple across its portfolio.

Manuel Silva Martínez, a general partner of Mouro Capital, 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.” 

Manuel Silva Martínez joined Innoventures five years ago and has led the fund since 2018.

Santander InnoVentures has invested in cryptocurrency and digital payment network Ripple, payment processor firm iZettle (which has since been bought by PayPal), and US alternative lender Kabbage.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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