Banco Santander and venture capital firm Forgepoint Capital have announced a strategic alliance to drive cybersecurity investment and innovation across the world.

The alliance is based on three initiatives:

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  • The creation of Forgepoint Capital International (FPCI), a new venture capital management firm focusing on Europe, Latin America, and Europe;
  • Santander will participate in the next North American fund by Forgepoint, and
  • A programme for select co-investments.

Overall, these initiatives could reach an investment by Santander of close to €300m ($293m).

FPCI’s first fund will launch in 2023 and Santander is expected to act as the fund’s anchor investor.

Furthermore, the companies aim to identify market gaps and investment opportunities in high potential geographies.

Banco Santander global chief information security Officer (CISO), Daniel Barriuso, said: “Investing in cybersecurity companies, technology and people is core to our mission to generate value and trust for society and help create a more secure ecosystem. We’re thrilled about the partnership through this alliance and the formation of Forgepoint Capital International.”

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“Just as cybercriminals operate globally, cybersecurity innovation knows no borders – the opportunities are boundless,” added Forgepoint Capital co-founder and managing director Alberto Yépez. “This expansion marks the next logical step in Forgepoint’s evolution as the leading venture capital platform investing in cybersecurity and infrastructure software. We are honored and excited to partner with Santander to invest in and develop the most promising cybersecurity companies globally, to help ensure prosperity and economic growth.”

Santander making moves

Legal & General Home Finance (LGHF) has expanded its existing tie-up with Santander to the bank’s UK wealth management division.

As part of the tie-up, LGHF will offer a range of later life mortgage options to Santander’s private banking clients, in addition to gifting and estate planning opportunities.

Previously, LGHF joined forces with Santander in 2016 to provide later life lending solutions for the latter’s Interest Only (IO) clients seeking to repay the outstanding capital on their interest only mortgages without selling their homes.

The partnership also catered to clients who want to release equity from their property.