Santander has doubled the size of its fintech investment fund, from $100 million to $200 million, in what the bank describes as a sign of commitment to its philosophy of collaborating with startups.
Blythe Masters, the former JP Morgan bigwig who now runs distributed ledger technology startup Digital Asset Holdings, has been named group senior advisor on technology and blockchain by Spanish banking giant Santander.
UBS, Santander and CIBC are among seven banks to sign up to the Ripple's distributed ledger technology for cross-border payments.
Santander InnoVentures, the fintech venture capital fund of the Spanish banking group, has taken an undisclosed stake in New York-based digital identity startup Socure, growing its portfolio of fintech partnerships to nine companies since launch in 2014.
In what it claims is a UK bank first, Santander has begun piloting an app that uses blockchain technology from Ripple for international payments.
San Francisco-based robo-advisor SigFig has raised $40 million in a new financing round that includes investment from UBS and the fintech venture fund of Spain's Banco Santander.
Santander InnoVentures, the fintech venture capital fund of Santander Group, in partnership with IE Business School and Accenture, yesterday declared Mesfix – a crowdfactoring marketplace for small and medium-sized enterprises as winners of the ‘Pitch Slam’ competition at the third Fintech Venture Day, held in São Paulo.
Pich, a startup which connects with the infrastructure of the banking sector to provide companies and developers with access to financial data, was the winning business project at Fintech Venture Day Madrid, a contest organized by Santander InnoVentures, Accenture and IE Business School.
Banco Santander is to leverage its recent multi-million dollar investment in Kabbage to offer working capital loans to UK small businesses through the online lender's platform.
Banco Santander is to close up to 450 of its 3467 branches in Spain this year as it seeks to accelerate the move to cheaper digital channels.
© Finextra Research 2016