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Santander Fintech Fund Investment Increased to $200m

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Santander Fintech Fund Investment Increased to $200m

Santander has increased investment in couple of years subsidize for financial technology companies, one of a diversity of moves by financial institutions to give them an edge in locating the newest fintech to appear.  Another $100m will be place into Santander InnoVentures in a second round of funding, taking its investment to US$200m since its 2014 released.  Spain’s Santander InnoVentures is the fintech venture capital fund, which takes opposition stakes in startup firms with the goal of conspiring and teaming up with them to improve their concepts.  Mariano Belinky, managing partner, said the fund will escalate its range into new continents, such as South America, and eyeing at greater looming ideas, such as machine intelligence and analytical computing, such as how machines predict the nature of the consumers”.

Belinky told IFR, Santander’s capital has invested in nine corporations, and by the end of the year it should have 14-15 corporations in its portfolio and have committed the first US$100m.  Building up a fintech reserve is one of various ways financial institutions are trying to spot and control new technology.  They are also improving new technology in-house, building up incubators or accelerator programmes, and expanding scouting teams across Silicon Valley and worldwide to discover new concepts.  Consumers have swapped in their millions to banking via mobile phones and banks are trying to stay ahead of contenders and propose new technology to reconnect with consumers and upgrade the industry’s figure after years of scandals. New technology can also help cut expenses and enhance processing and regulation, including the use of blockchain.

Blockchain advocates, or distributed ledger technology, agree it has the potential to shake up how financial markets operate.  The technology creates a shared database in which members can detect every regulated transaction.  Santander InnoVentures is based in London, and Belinky downplayed concern start-ups will quit London for other cities due to UK’s verdict to depart from European Union.  Berlin has claimed several London start-ups have made inquiries about transferring there since the referendum.

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