Santander InnoVentures invests in Digital Asset Holdings
Strategic fintech VC fund expands portfolio with second investment in distributed ledger arena
London/New York – January 21, 2016 – Santander InnoVentures, the $100 million fintech venture capital fund of Santander Group, today announced its participation in the more than $50 million funding round of Digital Asset Holdings (LLC) – a developer of distributed ledger technology for the financial services industry.
Participating alongside other institutions from across the financial services sector, this most recent investment further highlights InnoVentures’ commitment to partnering with market-leading organisations driving innovation in the distributed ledger arena.
“Distributed ledger is one of the most innovative technologies we’ve seen emerge in financial services, offering opportunities to create more efficient processes across back-office clearing and settlement of payments and securities,” said Mariano Belinky, Managing Partner at Santander InnoVentures. “For Santander, some of these opportunities are particularly relevant and we’re delighted to support Digital Asset in their efforts to create new industry standards. We believe that Blythe Masters can play a key role in bringing the industry together around a world-class solution. We are excited to partner with Blythe and the team and to ultimately use the learnings to benefit Santander customers.”
Launched in 2015, Digital Asset’s mission is to improve efficiency, security, compliance and settlement speed while reducing costs through the implementation of distributed ledger technology. Its products serve the entire financial ecosystem through the creation of tailored business logic applications using privately permissioned networks that employ a cryptographically secure and shared infrastructure. Digital Asset’s software radically improves post-trade processing efficiency, reducing cost, latency, errors, risk and capital requirements.
This investment places Digital Asset as the sixth company in the Santander InnoVentures portfolio. Previous investments include MyCheck, iZettle and Cyanogen, as well as Ripple – provider of global financial settlement technology, and Kabbage – a leading technology and data platform powering automated lending.