Spanish banking giant Banco Santander and British mobile money vendor Monitise have formed a joint venture that will look to invest in the disruptive financial technology businesses.
Both partners will provide up to £10m of capital each to the venture over the next two years depending on what opportunities are identified.
Monitise and Santander will each take a 50:50 share in the new venture, which will be based in London.
The joint venture will be led by Santander head of R&D and innovation Julio Faura, and chaired by Monitise founder Alastair Lukies.
In addition to its 50% ownership interest in the joint venture, Monitise says it will also benefit from a multi-million pound upfront licence fee, as well as the generation of further ongoing revenues.
Investee businesses will also have the opportunity to become partners with Santander and gain access to Monitise’s new cloud-based platform.