Spanish multinational banking giant, Banco Santander today announced the launch of Mouro Capital, an autonomously managed venture capital fund aimed at fintechs and similar financial services businesses. The new brand is going to replace and handle Santander Innoventure’s old profile of investments, that includes thirty six startups in Europe and also the Americas.

Founded in 2014, Santander Innoventure had an initial $100mn allocation, which enhanced to $200mn following two seasons. Santander’s replacing fund will begin with double the preceding commitment, having $400mn allotted.

“The generation of our fintech venture capital fund in 2014 has permitted Santander to guide the industry in applying brand new systems, including blockchain, providing better services to our clients as a result,” stated Ana Botín, Executive Chairma at Banco Santander.

“Innoventures has almost doubled the money invested, despite being relatively youthful for a venture capital fund. The objective of ours is actually to build on that achievement, and also by boosting our funding, while providing significantly greater autonomy to the fund, we are able to be a lot more nimble and even further speed up the digital transformation of the group.”

Mouro Capital is going to target early and development period fintech startups, backing the companies with its strong global network and fintech expertise. The tight would be lead by Manuel Silva Martínez who’s seasoned with 5 yrs of experience with Innoventures, his last 2 years spent leading the fund.

“By starting to be more and more autonomous, we will gain in agility, catch the attention of entrepreneurial talent to the investment team, and therefore further arrange to our entrepreneurs’ success.” Martínez mentioned, “We are actually wanting to maintain on giving you strategic value to Santander, improving our partnership and working together with our profile companies to allow for the bank account in shaping fintech innovation.”

Santander has a tested track record of good investments, which includes many fintech unicorns as Tradeshift, Upgrade and Ripple. Being renowned for success and strategy delivers the self-confidence as well as confidence young businesses as well as startup depend on in investors, Innoventures, for example, has had a bodily rate of returns of 25-35 % range after 2014.

Mouro Capital has put in an assortment of bodily resources to the investment staff of its, with the straightforward focus of increasing business development opportunities and partnerships within its profile. Innovation, utilising helpful solutions as well as alliance will likely be the keys to being successful in the brand new venture.