July 4, 2014
Global investment in fintech ventures has risen over 3 times during the last five years, from less than $930 Mn in 2008 to over $2.97 Bn in 2013, according to a report by Accenture.
On 2nd July 2014, Santander Bank announced that Financial Technology firms (Fin-Tech) will have a new source of investment with the launch of a Venture Capital fund for Fin-Tech Companies from their firm. The bank stated that it is launching a $100 Mn venture capital fund to invest in financial technology start-ups.
There is no doubt the UK is leading the way in financial innovation, not just in Europe, but globally. This fund will help the UK and the rest of Santander Group stay at the forefront of financial technology. Innovation and new technology can transform the way we bank and access our money — our investments will help this transformation and bring some of these realities to customers, Santander chief executive Ana Botin, told standard.co.uk. We will always have an eye on how we can gain advantages through collaboration, she added.
The company’s release indicates that fund will initially concentrate on:
Digital Delivery of Financial Services: aimed at reinforcing distribution and the overall customer experience in the new digital environment E-commerce and Payments ventures.
Online lending:Ventures using new data sources to provide better access to credit, including crowd and social funding.
E-Financial investments:online systems to distribute financial investment products with self-service and planning capabilities organised around the lifecycle.
Big Data Analytics:platforms to leverage financial and not financial information to provide better services to our customers.
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, stated Ana Botin, in the same release. I am immensely proud to be involved in this fund, as it will help the UK and all of the Santander Group to remain at the forefront of financial technology, whilst benefiting our customers.