Origins of the $400 Million Fund

Mouro Capital was created when Banco Santander spun out its venture capital unit and doubled its allocated capital to $400 million. The new firm succeeded Santander InnoVentures and assumed its existing startup portfolio while gaining operational independence.

This structure allowed the fund to operate like a traditional venture capital firm—able to lead rounds and invest broadly across the fintech ecosystem—while still benefiting from a strategic relationship with one of the world’s largest banking groups.

Investment Stages and Check Sizes

Mouro Capital focuses on early‑ to growth‑stage startups, frequently leading funding rounds and supporting companies as they scale. Initial investments can reach up to roughly $15 million, with additional capital reserved for follow‑on rounds.

This approach allows the firm to back companies early in their development but continue supporting them through later growth phases as they expand globally.

Core Sectors and Technologies

The fund concentrates on fintech and adjacent technologies that reshape financial services. Key focus areas include:

• Digital payments and payment infrastructure
• Open banking and financial APIs
• Embedded finance platforms
• Digital lending and alternative financing models
• Enterprise software serving financial institutions

More broadly, the firm targets technologies that underpin the financial ecosystem—platforms that enable banks, fintechs, and digital businesses to build financial services more efficiently.

Geographic Investment Strategy

Mouro Capital invests globally but concentrates on three major regions:

• Europe – a mature fintech hub with strong regulatory frameworks and open‑banking innovation.
• North America – a large market for fintech infrastructure and enterprise financial platforms.
• Latin America – a rapidly growing fintech ecosystem with significant demand for digital financial services.

This regional spread allows the firm to back startups addressing both developed and emerging financial markets.

Portfolio and Early Investment Examples

The firm’s portfolio illustrates its emphasis on fintech infrastructure and scalable financial platforms.

Uncapped – One of the first announced investments after the firm’s relaunch, Uncapped offers revenue‑based financing for online businesses, helping founders raise capital without giving up equity. Mouro Capital led a $26 million financing round for the company.

Nowports – A logistics technology platform building a digital freight‑forwarding system for Latin America. Mouro Capital led the company’s $16 million Series A round.

TrueLayer – An open‑banking platform enabling companies to access banking data and build payment services through APIs. Mouro Capital participated in later funding rounds as the company scaled its infrastructure.

Nocnoc – A cross‑border e‑commerce platform helping global merchants sell into Latin America, backed by a funding round that included Mouro Capital.

Earlier investments connected to the predecessor portfolio include companies such as Curve, Ripple, and MarketFinance, highlighting the fund’s long‑standing focus on financial infrastructure and payment technologies.

Why the Strategy Matters for Fintech Infrastructure

Mouro Capital’s investment strategy reflects a broader trend in fintech: the shift from consumer apps toward foundational infrastructure that powers the financial ecosystem. Instead of focusing solely on end‑user banking products, many investors now prioritize platforms that enable:

• Banks to modernize legacy systems
• Fintech startups to build services via APIs
• Businesses to embed financial services into software

By targeting startups building these foundational layers, the firm aims to back technologies that can scale across multiple markets and financial institutions.

The Bigger Picture

With a $400 million fund and backing from Banco Santander, Mouro Capital sits at the intersection of venture capital and global banking expertise. Its strategy—investing in fintech infrastructure across major global regions—positions the firm to participate in the long‑term transformation of financial services as digital platforms, APIs, and embedded finance reshape how money moves worldwide.

Origins of the $400 Million Fund

Mouro Capital was created when Banco Santander spun out its venture capital unit and doubled its allocated capital to $400 million. The new firm succeeded Santander InnoVentures and assumed its existing startup portfolio while gaining operational independence.

This structure allowed the fund to operate like a traditional venture capital firm—able to lead rounds and invest broadly across the fintech ecosystem—while still benefiting from a strategic relationship with one of the world’s largest banking groups.

Investment Stages and Check Sizes

Mouro Capital focuses on early‑ to growth‑stage startups, frequently leading funding rounds and supporting companies as they scale. Initial investments can reach up to roughly $15 million, with additional capital reserved for follow‑on rounds.

This approach allows the firm to back companies early in their development but continue supporting them through later growth phases as they expand globally.

Core Sectors and Technologies

The fund concentrates on fintech and adjacent technologies that reshape financial services. Key focus areas include:

• Digital payments and payment infrastructure
• Open banking and financial APIs
• Embedded finance platforms
• Digital lending and alternative financing models
• Enterprise software serving financial institutions

More broadly, the firm targets technologies that underpin the financial ecosystem—platforms that enable banks, fintechs, and digital businesses to build financial services more efficiently.

Geographic Investment Strategy

Mouro Capital invests globally but concentrates on three major regions:

• Europe – a mature fintech hub with strong regulatory frameworks and open‑banking innovation.
• North America – a large market for fintech infrastructure and enterprise financial platforms.
• Latin America – a rapidly growing fintech ecosystem with significant demand for digital financial services.

This regional spread allows the firm to back startups addressing both developed and emerging financial markets.

Portfolio and Early Investment Examples

The firm’s portfolio illustrates its emphasis on fintech infrastructure and scalable financial platforms.

Uncapped – One of the first announced investments after the firm’s relaunch, Uncapped offers revenue‑based financing for online businesses, helping founders raise capital without giving up equity. Mouro Capital led a $26 million financing round for the company.

Nowports – A logistics technology platform building a digital freight‑forwarding system for Latin America. Mouro Capital led the company’s $16 million Series A round.

TrueLayer – An open‑banking platform enabling companies to access banking data and build payment services through APIs. Mouro Capital participated in later funding rounds as the company scaled its infrastructure.

Nocnoc – A cross‑border e‑commerce platform helping global merchants sell into Latin America, backed by a funding round that included Mouro Capital.

Earlier investments connected to the predecessor portfolio include companies such as Curve, Ripple, and MarketFinance, highlighting the fund’s long‑standing focus on financial infrastructure and payment technologies.

Why the Strategy Matters for Fintech Infrastructure

Mouro Capital’s investment strategy reflects a broader trend in fintech: the shift from consumer apps toward foundational infrastructure that powers the financial ecosystem. Instead of focusing solely on end‑user banking products, many investors now prioritize platforms that enable:

• Banks to modernize legacy systems
• Fintech startups to build services via APIs
• Businesses to embed financial services into software

By targeting startups building these foundational layers, the firm aims to back technologies that can scale across multiple markets and financial institutions.

The Bigger Picture

With a $400 million fund and backing from Banco Santander, Mouro Capital sits at the intersection of venture capital and global banking expertise. Its strategy—investing in fintech infrastructure across major global regions—positions the firm to participate in the long‑term transformation of financial services as digital platforms, APIs, and embedded finance reshape how money moves worldwide.