Banco Santander and payment technology company Monitise have agreed to work together to launch a FinTech venture builder. The joint venture will invest in, help build and scale up innovative FinTech businesses.
As well receiving investment and help to build and scale from the joint venture, these businesses will also have the opportunity to become partners with Santander and Monitise, which will provide them with strong presences in the European market and scalable technology.
As part of the agreement, which splits the venture 50-50, Monitise will also receive a multi-million pound upfront licence fee with on-going revenues forecasted to be generated by the revenue.
The payments technology company also expects to boost its clientele by providing services to the companies that the joint venture will support.
Both of the joint venture partners have committed to provide up to £10m of capital each over the next two years, dependent on the nature of the opportunity and scalability potential.
The joint venture will be led by Julio Faura, one of Santander’s innovation leaders, and chaired by Monitise founder Alastair Lukies, and will operate from London.
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