Mouro Capital has closed $400 million for its third fund, with full backing from long-term partner Banco Santander. This milestone brings the fintech-focused venture firm’s total investment commitments to over $1 billion for the first time. Founded in 2015 and led by Manuel Silva Martínez and Christopher Gottschalk, Mouro invests in companies from seed to Series C across Europe, North America, and Latin America, targeting ventures that combine financial services and technology.
The firm’s strategy emphasizes making fewer but more confident investments, with initial commitments typically ranging from $8 million to $12 million and some reaching up to $70 million. Mouro maintains a 66% follow-on rate, believing that sustained involvement adds the most value to portfolio companies. During the market peak of 2020–21, the firm invested cautiously, saving capital for more favorable valuations. Seven investments have already been made from the new fund, including ElevenLabs, which develops conversational AI for financial services, and Sakana AI, a Japanese company modernizing core banking processes.
Mouro focuses on areas such as capital markets, wealth management, governance and compliance, and insurtech, which it sees as underserved by venture capital. Its global perspective on European deal flow differentiates it from many peers, bringing precedents from the US and Latin America to European entrepreneurs. The firm also integrates ESG due diligence and supports diversity, equity, and inclusion efforts, though it acknowledges ongoing underrepresentation of minority and female founders in fintech.
With an average 4x return on invested capital across 26 exits, Mouro has built a strong track record. Its ten largest portfolio companies have achieved an average revenue growth rate of 97% over five years, with notable successes including iZettle, acquired by PayPal for over $2 billion, and Ripple, a major player in global payments. Banco Santander’s Javier García-Carranza highlighted confidence in Mouro’s ability to identify founders and companies poised to shape the next phase of financial innovation, reinforcing the decision to invest in the new fund.
