Spanish banking giant Banco Santander (SAN.MC, STD.N, BNC.LN) is to launch a $100m venture capital fund focused on fintech startups.
Based in London, UK, the fund will provide fintech companies with finance and customers worldwide with the benefits coming from the latest know-how and innovations.
The firm, 100% owned by Santander UK and led by Ana Botin, chief executive of Santander UK, will seek potential opportunities worldwide.
It will focus on:
– Digital delivery of financial services – aimed at reinforcing distribution and the overall customer experience in the new digital environment, E-commerce and Payments ventures;
– Online lending – ventures using new data sources to provide better access to credit, including crowd and social funding;
– E-Financial investments – online systems to distribute financial investment products with self-service and planning capabilities organised around the lifecycle; and,
– Big Data Analytics – platforms to leverage financial and not financial information to provide better services to our customers.