Mouro Capital, an independently managed venture capital firm focused on the intersection of financial services and technology, has announced the first close of its third fund at $400m, pushing its total investment commitments past the $1bn mark for the first time.
The entire $400m has been committed by Banco Santander, the firm’s longstanding anchor partner, which has once again backed the platform in full. Mouro Capital also confirmed it intends to open the fund to additional investors for the first time in the near future.
Seven investments have already been deployed from the new fund. These include conversational AI company ElevenLabs, which has a strong focus on financial services agents, and Sakana AI, a Japanese business applying AI to modernise banking processes.
Early-stage companies Alinia, which helps organisations implement AI within appropriate regulatory and policy frameworks, and Burbank, which focuses on how regulatory shifts and changes in commerce are reshaping payment infrastructure, are also among the initial portfolio.
Mouro Capital operates as a global FinTech investor, backing founders from seed through to Series C across Europe, North America and Latin America. The firm has been investing since 2015 and has developed a track record placing it in the top 10% of global venture capital managers by returns. Across 26 exits, it has delivered an average 4x return on invested capital, with a 66% follow-on rate for founders. Its ten largest portfolio companies have achieved a near-100% average revenue compound annual growth rate over the past five years, it claimed.
Previous standout investments from the firm’s history include iZettle, which was acquired by PayPal for over $2bn after helping small businesses access cheaper card-acquiring capabilities; Ripple, an early player in the digital asset space now involved in global cross-border payments; TrueLayer, a pioneer of European open banking infrastructure; and lending challengers Upgrade, Creditas and Klar.
The new fund’s investment thesis is concentrated on capital markets, wealth management, AI-driven financial infrastructure, and the Governance, Risk and Compliance space, where the firm sees increasing opportunity tied to enterprise AI adoption. InsurTech is also flagged as a priority area the team plans to lean into further.
Mouro Capital general partner Manuel Silva Martinez said, “Over the past decade we’re proud to have built a global platform delivering strong, consistent returns. With this fund we’re excited to back the next generation of global founders rewiring financial services through the lens of AI, data and infrastructure. We see compelling opportunities in specialist thematic areas such as capital markets and wealth management, where untapped opportunities are benefiting from a positive momentum.
“In parallel, shifts in AI and blockchain are creating new opportunities in the Governance, Risk and Compliance (GRC) space, which is critical for future enterprise adoption of AI. Insurtech is another area that is massively underserved by venture and where we will likely double down our focus.”
Mouro Capital general partner Christopher Gottschalk commented, “Financial services and technology have been converging for years, AI has further accelerated the pace of change. We’re seeing the emergence of AI-native financial infrastructure—from real-time payments to programmable money movement, identity and data platforms. We are proud to back founders building businesses that are more efficient and scalable. Mouro Capital has built a strong track record by combining deep sector expertise with disciplined investing approach, internationally and across expanding industry boundaries.”
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