Spanish banking group Banco Santander is set to boost its investment in its UK-based fintech fund Santander InnoVentures from $100m to $200m.
The fintech fund was launched in 2014 with an initial allocation of $100m to finance minority stakes in fintech startups.
Since its launch, the fund has invested in various fintech startups across the globe, namely Socure, SigFig, Ripple, Digital Asset, Elliptic, Kabbage, Cyanogen, MyCheck and iZettle.
Santander InnoVentures managing partner Mariano Belinky said: “This commitment allows the fund to continue expanding the work we are doing across geographies and investment themes. It will help us expand our portfolio to exciting geographies like Latin America and explore more opportunities across Europe.”
The investment will also enable the bank to explore new themes related to artificial intelligence, machine learning, cognitive computing, digital banking, among others, Belinky added.
Banco Santander executive chairman Ana Botin 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."
Santander senior executive vice president and head of innovation Peter Jackson said: “The fund is an essential part of Santander's broader innovation strategy. The success of the work Mariano and the team are doing is confirmed by this second round of funding.”