Banco Santander has invested EUR 35 million ($39 million) in Berlin-based fintech firm CrossLend and the investment is set to help CrossLend to enter new markets, reported Bloomberg.
Founded in 2014, CrossLend provides a marketplace for consumer loans and other forms of debt originated by banks. Buyers are institutional investors such as banks, investment funds and insurance companies.
The financing facility brings the firm’s valuation to over EUR 100 million. Foreign investors like Santander have recently increased their bets on German fintechs.
One of the most active foreign investors in Berlin, where many German fintech firms are located, was Goldman Sachs Group this year.
In May 2019, the US bank led a funding round for Berlin-based Elinvar which was founded by former Deutsche Bank employees and has built a digital platform to enable lenders to offer their services online. Two month later, the lender invested EUR 25 million in Raisin, an internet platform allowing users to compare bank-savings products.
Santander also invested in Berlin-based Bonify which operates a personal finance app.