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Santander and Monitise boost fintech start-ups

Santander has established a £20m joint venture fund with UK mobile money technology specialist Monitise to invest in financial technology start-ups. The fund, which launches later this year, is designed to identify innovative future partners for Santander. Businesses that receive backing will gain access to capital from Santander and benefit from Monitise's cloud-based technology system. Santander and Monitise have committed up to £10m of capital each over the next two years, depending on business opportunities. The deal will see Monitise receive a licence fee upfront for use of its service. Alastair Lukies, Monitise's founder, will chair the joint venture with Santander, which is also a key shareholder in Monitise.

 

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