Santander and Monitise to help scale fintech businesses
New joint venture fund will look to invest up to £20m in financial start-ups, with commercial opportunities for investee companies
Santander and Monitise are launching a venture to help businesses in financial technology (fintech) scale-up, with up to £20m to be made available for investments in fintech companies.
With more details set to be announced later this year, the joint initiative will aim to invest in, build and grow businesses which have the potential to “redefine and support financial services globally” with both partners having pledged to provide up to £10m growth capital each over a two year period.
Investee businesses will also have the opportunity to become partners with Santander and gain access to Monitise’s platform, alongside mentoring.
The fund will operate out of London and will be headed by Santander’s Julio Faura, with Monitise founder and Young Gun Alastair Lukies (pictured) appointed chairman.