Santander InnoVentures to invest £75m in UK fintech

Santander InnoVentures to invest £75m in UK fintech

Santander has announced plans to invest around £75m in UK fintech start-ups through its London-based venture capital fund Santander InnoVentures.

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.

For more information on Santander InnoVentures investments and the strategic investment philosophy behind the fund, visit: http:santanderinnoventures.com.