Santander InnoVentures, the fintech-focused venture capital fund backed by Spain's Banco Santander SA , is seeking out more opportunities in Latin America following its announced investment in Klar, according to a Reuters report.
"We continue to seek out companies," Manuel Silva, managing partner for InnoVentures, reportedly told the newswire. "We invest mostly in markets where the bank is present because those are the markets where we can add most value for the bank as well as for us as investors," he added.
The comments come days after the fund invested an estimated $57.5 million in credit and debit card fintech company Klar, which is based in Mexico, where Santander operates through Banco Santander México SA.
Silva was cited as saying that the fund is mainly interested in investments in Brazil and Mexico, though it will also look at Argentina, Chile, Colombia and Peru.
The fintech sector in Latin America has attracted capital from global venture capital funds at increased rates over the last 3 years, and the major banks are looking for ways to position themselves in this growing industry.
