July 22 ,2016 | by Hari Sri

Santander to invest £75 million in UK’s fintech businesses

UK’s fintech businesses

Santander Group’s London-based fintech venture capital fund, Santander InnoVentures, is to invest £75 million in the UK’s fintech community.

Santander InnoVentures was first launched in 2014 and is part of Santander’s innovation agenda, which aims to support early-stage fintech companies and help them to grow.

Support

Since its launch, the fund has invested in a number of fintech companies globally, including Ripple, Digital Asset and London-based company Elliptic. It is now set to deploy $200 million in minority stakes in financial technology start-ups.

The news comes as several other banks are set to offer more support by extending funding to small businesses.

Earlier this week, NatWest announced that it will be launching a £1 billion lending fund for small businesses across England and Wales, whilst HSBC and Bibby have signed a $150 million funding agreement to support Europe’s small businesses.

Success

Commenting on the fund, Banco Santander Group Executive Chairman, Ana Botín, 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.”

Botín added that the fund’s location in the UK has enabled it to benefit from London’s position as a fintech hub whilst talent spotting the fund’s investments on a global basis, and that the company remains “committed to the UK and excited about its Fintech enterprises”.

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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