Mouro Capital – succeeding the investment business Santander InnoVentures – spun out from Santander in September, with the bank doubling its allocated funds to $400m. Mainspring is delighted to announce that it has been appointed as fund administrator, taking on responsibility for the fund’s existing portfolio and the enlarged fund.
The fund was an early investor in tech unicorns (start-ups valued at more than $1bn) such as settlement system Ripple, supply chain platform Tradeshift and online banking business Upgrade. It also invested in Swedish fintech iZettle which was bought by Silicon Valley payments company PayPal in 2018 for $2bn.
Alvaro Melia, CFO Mouro Capital, commented “On completion of our due diligence, Mainspring stood out in our market evaluation, in particular with the firm’s commitment to transparency of data and reporting. This gave us confidence in the service and of our access thereto. Following migration of the existing portfolio and commencement of the enlarged fund we are confident in our selection.”
Damian Simmons, Chief Service Officer Mainspring, added “we very much look forward to supporting Alvaro and the Mouro team with a fund administration service that is built on enhanced levels of practical real-time administration and accounting.”
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