Banco Santander has announced the launch of a comprehensive suite of products and services aimed at innovative, scalable startups in Spain that demonstrate growth potential. In a bid to enhance Spain’s innovation entrepreneurship ecosystem, the bank plans to sign collaboration agreements with key stakeholders, including associations, innovation centers, incubators, and investors, thereby gaining access to 7,000 startups.
In addition to offering financial solutions, Santander will implement measures to support the development of these companies. Expert managers will be stationed at all Work Cafes, with additional representatives located at the bank’s main entrepreneurial hubs in Madrid, Barcelona, Malaga, Valencia, and Bilbao.
The bank’s initial contribution to a new venture debt fund will be €67 million, with an additional €33 million contributed by Inveready and other investors. This will make it the largest venture debt fund in Spain. Financing will range from €500,000 to €5 million, targeting capital-efficient tech and high-growth enterprises that have already completed at least one round of financing.
Ángel Rivera, CEO of Santander España, expressed excitement about the launch, stating: “We’re delighted with the launch of this proposition for startups. With initiatives like this and Santander Growth, we’re reaffirming our position as a leader in helping companies, regardless of size or stage in their life cycle, with the most complete financial and non-financial proposition in the market.”