Santander InnoVentures has announced that it has secured a further US$100m in funding from the group’s balance sheet.
Launched in 2014, the fund is now set to deploy a total of US$200m (up from the US$100m originally allocated) in minority stakes in financial technology start-ups.
Ana Botín, group executive chairman of Banco Santander, 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.”
Since 2014, the fund has invested globally in a series of market-leading fintech start-ups including Socure, SigFig, Ripple, Digital Asset, Elliptic, Kabbage, Cyanogen, MyCheck and iZettle among others.
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