London-based program will benefit fintech start-ups looking for funding and mentoring
Both partners have committed up to £10 million of capital each over the next two years depending on what opportunities are identified.
Based in London, the joint venture will be led by Julio Faura, Santander’s head of RD and innovation, and chaired by Monitise founder Alastair Lukies.
In addition to its 50 percent ownership interest in the joint venture, Monitise says it will also benefit from a multi-million pound upfront licence fee, as well as the generation of further ongoing revenues.
The company is also expected to grow its client portfolio by providing services to the companies the joint venture will support.
Lukies announced he would be leaving Monitise earlier this year, following a three-month ‘strategic review’. In addition, the company said it would focus on sales in Europe, the Middle East and North America, with additional market opportunities being pursued where they directly support partner needs.
Santander’s relationship with Monitise first began last November, when the bank stumped up part of a £49.2 million investment programme to help the latter firm expand into new markets.
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