Banco Santander, Monitise Agree To Launch Fintech JV - Quick Facts

(RTTNews) - Spanish lender Banco Santander SA (BNC.L, BSBR, SAN) and Monitise plc (MONI.L) announced a joint venture agreement to launch a fintech venture builder later this year.

The 50:50 joint venture will be aimed at investing in, building and scaling fintech businesses with the potential to redefine and support financial services globally. The joint venture will invest in fintech businesses. Both partners have committed to provide up to a maximum of 10 million pounds of capital each to the joint venture over two years dependent on the scale and nature of opportunities identified.

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.

Apart from the 50 percent ownership interest in the joint venture, Monitise will benefit from a multi-million pound upfront license fee with further ongoing revenues expected to be generated by the initiative.

An investment by the joint venture will see the fintech businesses benefiting from the opportunity to become partners with the largest bank in the euro zone by market capitalization and with a world leader in mobile money with proven, scalable technology.

The fintech businesses will also gain access to Monitise's new cloud-based platform which is designed to connect banks to digital innovation for their customers.