By Alex Spencer
Banco Santander and mobile money firm Monitise have partnered to launch a fintech venture builder.
The 50:50 joint venture is intended to invest in and then scale fintech businesses ‘with the potential to redefine and support financial services globally’.
Both partners have committed to provide up to £10m of capital each over two years, dependent on the scale and nature of opportunities identified.
Monitise is hoping to benefit from a widened client portfolio, by providing services to the companies the joint venture will support, as well as a multi-million-pound up-front license fee.
Source:: Mobile App News