Santander Innoventures and Onevest, an investment crowdfunding site, have launched a competition for start-ups using distributed ledger (DL) technologies.

Mariano Belinky, managing partner of Santander Innoventures

Mariano Belinky, managing partner of Santander Innoventures

It’s called the Santander Innoventures DL Challenge, and Mariano Belinky, managing partner of Santander Innoventures, says: ‘Our aim is to inspire innovation and encourage entrepreneurship. Distributed ledger technologies will create huge value for customers, banks and entrepreneurs who create new businesses around it.’

The winner gets a $15,000 cash prize, and also gets access to ‘market and technology experts’ at Santander Innoventures and its parent, the Santander Group.

Onevest will provide ‘mentorship and guidance’ before presenting the winner to its 1000 Angels private investor community to pitch for ongoing funding.

Participants are invited to enter the challenge here:

Entrants will be shortlisted and then selected by a panel of DL and blockchain technology experts at a challenge event to be held in New York in January 2016.

Show me the money

Last month, US-based provider of global financial settlement technology Ripple received a $4 million investment from Santander in its recent Series A funding round.

Shortly afterwards, another US outfit, lending platform Kabbage also received an investment from Santander Innoventures.

The investments were made by Santander’s fintech venture capital fund, Santander Innoventures, set up last year with a remit to spend $100 million on companies specialising in payments, marketplace lending, e-investment advisory, client and risk analytics, and digital delivery of financial services.

Santander’s fintech investment fund is profiled in detail in the June 2015 edition of the IBS Journal.

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By Antony Peyton.

by IBS Intelligence