Spanish bank Santander and British mobile banking software provider Monitise have launched a joint venture to invest in fintech businesses, they said on Wednesday.
The venture will invest in firms with the potential to “redefine and support financial services globally”, Santander and Monitise said.
The two companies will provide up to 10 million pounds ($15.7 million) of capital each to the joint venture over two years depending on what opportunities are identified, they said.
As well as taking a 50 percent stake, Monitise said it would benefit from a multi-million pound upfront licence fee and ongoing revenues expected to be generated.
The joint venture will be led by Julio Faura, Santander’s head of R&D and innovation, and chaired by Monitise founder Alastair Lukies. It will operate from London.