Banco Santander and Monitise have announced a new joint venture to invest in and scale FinTech businesses. This will be led by Julio Faura, one of Santander’s innovation leaders, and chaired by Monitise founder Alastair Lukies, and will operate from London.

The initiative follows Banco Santander's investment last year of £33 million to acquire a five per cent stake in Monitise. Funded companies will have the opportunity to become a part of Santander’s digital offering​ and benefit from both companies’ advice and access to Monitise's new cloud-based platform. In addition to its 50 per cent ownership interest in the JV, the latter will benefit from a multi-million pound upfront licence fee with further ongoing revenues expected to be generated by the initiative. Monitise will also look to boost its client portfolio by providing services to the funded companies. The pair have committed to provide up to a maximum of £10 million of capital each to the JV over two years, dependent on the scale and nature of opportunities identified.

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