Santander spins out $400 million fintech venture capital arm

Banco Santander has launched Mouro Capital, a new, autonomously managed venture capital fund focused on fintechs. It succeeds Santander Innoventures, which was established in 2014.

Mouro Capital will have $400 million in allocated funds after the bank doubled its current commitment. The fund will manage the existing portfolio of Santander Innoventures, which had an initial $100 million allocation, increasing to $200 million two years later.

Since then the fund has invested in 36 start-ups in Europe and the Americas. 70% of the fund’s current portfolio companies are working with Santander.

It will be led by general partner Manuel Silva Martínez, who joined Innoventures five years ago and has led the fund since 2018, and senior advisor Chris Gottschalk, who joined from Blumberg Capital in 2019.

Mouro Capital will continue to deploy capital across Europe and the Americas, primarily leading investment rounds with initial investments of up to $15 million and further follow-on reserves.

“The creation of our fintech venture capital fund in 2014 has allowed Santander to lead the industry in implementing new technologies, including blockchain, offering better services to our customers as a result,” said Ana Botín, Banco Santander executive chairman. “Our goal is to build on that success, and by increasing our investment, while giving greater autonomy to the fund, we can be even more agile and further accelerate the digital transformation of the group.”