Banking group Santander has launched a $100m London-based venture fund to invest in fintech businesses around the globe.
Santander noted that banks have accounted for ten per cent of fintech innovations, hwile venture-backed companies have supported 60 per cent.
It added that the UK has provided two third of fintech funding in Europe.
The fund will be wholly owned by Santander, but will be a self-standing specialised organisation.
It will initially focus on the digital delivery of financial services, online lending, e-financial investments and big data analytics segments.
Santander UK CEO Ana Botin said, “The Santander fin-tech Fund builds on our philosophy of collaboration and partnership with small and start-up companies at Santander.
“In this case our aim is to provide fin-tech companies with much needed capital, whilst we gain know-how and our customers benefit from the latest thinking.”
Last month Warburg Pincus and Temasek acquired a 50 per cent stake in Santander’s securities custody business in a deal which values the asset at €975m.
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