Santander InnoVentures, the fintech venture capital fund of Santander Group, today announced an investment in San Francisco based startup Roostify, specialized in the digitalization of the process of obtaining a mortgage, enabling it to be done even via smartphone. Founded in 2014, Roostify built their enterprise platform with the aim of improving speed, eliminate paper, as well as simplify the process and reduce costs.
Manuel Silva, head of Investments at Santander InnoVentures, said: “We have been very impressed with Roostify’s vision of putting the client first, and developing technologies that support such experiences. We are excited about Roostify’s growth prospects, in particular as they think about new markets beyond the US. Following our ‘invest and partner’ model, we are excited to bring their solutions to Santander Group’s customers in the future.”
Rajesh Bhat, CEO and co-founder at Roostify, said: “We were drawn to Santander Innoventures by their strong culture of innovation, and our shared vision of excellence for the consumer experience. We couldn’t ask for a better partner as we explore bringing consumer-first online lending innovation to the European market.”
Roostify announced today the closing of its Series B USD 25 million financing, in which Santander InnoVentures was an investor. The aim of this new funding is to help the company achieve its objectives, which include an expanded enterprise offering, product improvements and expansion into new markets.
InnoVentures is Santander’s USD 200 million corporate venture capital fund. It is tasked to find, qualify and strategically invest in fintech businesses that can create strategic ties with Santander and help Santander innovate with a purpose – either to achieve operational excellence or serve customers better. The fund, which has made 19 investments in the four years since it was established, invests in companies from all over the world that innovate across the fintech value chain, in the areas such as artificial intelligence, payments, credit, banking-as-a-service, financial inclusion, among others.