LONDON, July 1 (Reuters) - Spanish bank Santander and British mobile banking software provider Monitise have launched a joint venture to invest in fintech businesses,they said on Wednesday.
The venture will invest in firms with the potential to"redefine and support financial services globally", Santanderand Monitise said.
The two companies will provide up to 10 million pounds($15.7 million) of capital each to the joint venture over twoyears depending on what opportunities are identified, they said.
As well as taking a 50 percent stake, Monitise said it wouldbenefit from a multi-million pound upfront licence fee andongoing revenues expected to be generated.
The joint venture will be led by Julio Faura, Santander'shead of R&D and innovation, and chaired by Monitise founderAlastair Lukies. It will operate from London.
($1 = 0.6371 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)