Santander has announced the launch of a €100 million fund for startups.
The bank said its initial contribution to the fund will be €67 million, while the remaining €33 million will come from its partner, the asset manager Inveready, and other investors, making it the “biggest venture debt fund in Spain”.
Santander added that it would also be launching a complement of products and services for “innovative, scalable startups” and companies that show growth potential.
Such services will include tailored credit lines to help early-stage companies ‘get off the ground’, with a unique risk circuit and channel adapted to startups, the bank said.
Startups can also become members of Santander X, the bank's global social impact initiative to support entrepreneurs.
“We’re delighted with the launch of this proposition for startups,” said Ángel Rivera, chief executive of Santander Spain. “Entrepreneurs will have access to a range of solutions that help them not only get off the ground but also grow faster, which will undoubtedly have a positive impact on Spain's innovation and entrepreneurship ecosystem.”
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