Mouro Capital reaches $1bn in commitments

Mouro Capital has crossed the $1bn mark in total investment commitments after securing a fresh $400m injection from Banco Santander for its third fund – a sign that big investors are still willing to back fintech despite years of turbulence across the venture capital market.

The London-based venture capital firm, which specialises in companies operating between finance and technology, said the latest fund would continue backing start-ups across Europe and North America, from seed stage through to Series C. The raise marks another vote of confidence from Santander, Mouro’s long-term backer, at a time when many venture firms are finding fundraising slower and more difficult amid higher interest rates and investor caution.

Since launching in 2015, Mouro has built a reputation for identifying fast-growing fintech and infrastructure start-ups before they hit the mainstream. Across 26 exits, the firm says it has delivered an average fourfold return on invested capital, while its ten largest portfolio companies have recorded annual revenue growth of 97% over the past five years. The new fund is already being deployed. Seven investments have been completed so far, including AI voice start-up ElevenLabs and Tokyo-based Sakana AI, which is developing artificial intelligence systems aimed at modernising banking operations.

The firm has also backed earlier-stage start-ups including Alinia and Burbank, continuing its strategy of investing in companies reshaping how financial services are built, automated and delivered. The latest announcement underlines how artificial intelligence is rapidly becoming central to fintech investment strategies, particularly as banks and financial institutions race to modernise legacy systems and reduce operational costs. Mouro said it plans to open the platform to additional outside investors for the first time in the near future, broadening a funding base that has until now been closely tied to Santander.

With venture markets still recovering from the post-pandemic slowdown, the successful close positions Mouro among a small group of specialist investors continuing to deploy heavily into fintech and AI infrastructure – two sectors many investors still see as long-term growth engines despite wider economic uncertainty.

Manuel Silva Martinez, General Partner at Mouro Capital added: “Over the past decade we’re proud to have built a global platform delivering strong, consistent returns. With this fund we’re excited to back the next generation of global founders rewiring financial services through the lens of AI, data and infrastructure. We see compelling opportunities in specialist thematic areas such as capital markets and wealth management, where untapped opportunities are benefiting from a positive momentum. In parallel, shifts in AI and blockchain are creating new opportunities in the Governance, Risk and Compliance (GRC) space, which is critical for future enterprise adoption of AI. Insurtech is another area that is massively underserved by venture and where we will likely double down our focus.”

Javier García-Carranza global head of Wealth Management & Insurance at Banco Santander added, “We are confident it is well placed to identify the founders and companies best positioned to shape the next phase of innovation across the market, which supports our decision to invest in this next fund.”