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Santander InnoVentures, Santander Group’s venture capital fund, today announces its investment into a55, a Latin American income-secured alternative small and medium-sized enterprise (SME) lender. The venture fund has already invested in over 30 fintech companies after being established six years ago. This is its fourth investment in Latin America.
EUR 1 million in funds and benefits for the 20 new entrepreneurships to contribute the best solution to the problems that we, as a community, are facing in the new paradigm post covid-19.
The project will make it possible to generate and store scientific data on covid-19 so as to provide society with evidence of how it affects children and pregnant women.
Mr Simões will join the bank from HSBC on 1 September, subject to regulatory approval. He will have managerial responsibility and oversight of the bank’s businesses in Europe.
Innovators and problem-solvers from around the world put their creativity to the test, working to hack the covid-19 pandemic for three days in the EUvsVirus pan-European hackathon, which was hosted by the European Commission and EU member states with sponsorship from companies including Banco Santander.
The deal has successfully obtained all regulatory approvals from required authorities. Santander acquires a c.50.1% stake in Ebury after an investment of c.£350 million (approximately EUR 400 million) and will support its expansion plans in Latin America and Asia of the payment and currency platform for SMEs.
Banco Santander achieved an attributable profit of €331 million in the first quarter of 2020, down 82% year-on-year after incurring a net charge of €1,646 million, primarily due to overlay provisions of €1,600 million related to covid-19 based on the expected deterioration of the macroeconomic conditions arising from the health crisis.
Santander is mobilising €100 million worldwide to fund initiatives to combat the coronavirus. The funds are being used throughout Santander’s home markets to buy medical equipment and support research into the virus through collaboration with universities and other bodies. The Together Solidarity Fund, which was set up by the Group on 23 March with €25 million, has now reached €54 million thanks to donations from the Group subsidiaries, employees across all the countries in which it operates and contributions from third parties.
