Santander InnoVentures increases its fintech investment funds by $100M
This fund was created in 2014 and its investments in minority stakes in startups could now reach $200M, up from the initial $100M. Santander InnoVentures has invested in market-leading Fintech companies such as Source (digital identity), SigFig (wealth management), Ripple, Digital Asset, Elliptic (blockchain), Kabbage (SME financing), Cyanogen (mobile ecosystems), and MyCheck and iZettle (payments).
The participation of Santander InnoVentures in companies goes beyond a financial investment in entrepreneurial capital. The fund provides capital, but also facilitates access to the clients of Santander Group, a global financial institution operating in ten major markets in Europe and the Americas, serving more than 120 million customers. In addition, InnoVentures portfolio companies gain access to the Group's regulatory, operational and technology experts.
Santander aims to become one of the leading banks in the introduction of innovative technologies, in order to respond to the needs of its customers. It is also headquartered in London, a strategic location for this sector.
Propel Ventures is a venture capital firm in which BBVA has recently invested US$250M, to invest in Fintech. Since its launch in February this year, it has already invested in three Fintech startups and now it has just announced its fourth investee: Guideline., an online platform for the management of US pension plans, known as 401(k) plans.
Ryan Gilbert, partner at Propel, points out that Guideline is a very attractive opportunity due to the market opportunities and the company's approach. "The US retirement plan market is huge, having grown from US$4.4 trillion in 2014 to over $6 trillion in 2016. However, those participating in small 401(k) plans pay exorbitant management fees, ranging from 0.68% to 2.66%.
Finnovista has recently published the Fintech Radar Spain, which contains interesting data on the state of the art of the Fintech sector in Spain. 207 Fintech startups make Spain the largest Fintech innovation market in Latin America, well above the 130 in Brazil, 128 in Mexico, 77 in Colombia and 56 Fintech startups in Chile.
Specifically, the Fintech segments with the most activity, innovation and dynamism in Spain are: Payments & Remittances (24%), Lending (25%), Enterprise Financial Management (11%), Crowdfunding (10%), Insurance (8%) and Personal Finance Management (10%).
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