Santander’s recent InnoVentures’ FinTech 2.0 paper claims that ‘success will be born out of a collaborative endeavour between banks and FinTechs’. This collaboration is exactly what we are seeing more of in our ecosystem. A prime example is the new partnership between Innovate Finance members Santander, one of Europe’s biggest banks, and Monetise, one of London’s most successful financial technology firms. This joint venture will inject £20 million into the FinTech sector, bringing huge opportunities to British startups, and even further disrupting the financial services sector — participants in the scheme will not only receive funding, but vital advice and access to Monitise’s cloud-based platform.
Elizabeth Buse, CEO of Monetise believes the joint venture will help to “bring innovative new digital financial services and products to market faster and more easily, and in doing so expand the potential of our platform.”
This venture proves that the financial services sector needs FinTech and banks to work together collaboratively to realise shared goals, as both sides bring essential expertise and knowledge to the table — this is how we will stay ahead of the game, globally.