8.6 C
New York
Wednesday, May 31, 2023
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.

Recent posts

Unveiling the Limits of Bank Disruptors: Analyzing Chime’s Slowdown

This blog explores the Chime slowdown and how it highlights the challenges faced by these emerging financial disruptors.

Unleashing the Power of ChatGPT and Open Banking: A Paradigm Shift in Technology and Finance

In this blog post, we will explore the profound impact of ChatGPT and Open Banking, highlighting their potential and discussing the implications for businesses and individuals alike.

Onyx Private Affluent Bank: Redefining FinTech Excellence for High-Net-Worth Individuals

In this blog post, we will delve into the key features and services offered by Onyx Private Affluent Bank and explore how it is transforming the fintech landscape.

European Banks Collaborate with Bitpanda and Coinbase to Bring Crypto to Customers

By leveraging Bitpanda Technology Solutions, a business-to-business infrastructure layer provider, Coinbase aims to connect directly with banks and fintech companies across Europe.