Mouro Capital announced the close of its third fund at $400 million, backed by longstanding partner Banco Santander. The venture capital firm said the new fund brings its total commitments since launching in 2015 to more than $1 billion as it continues investing in financial services technology companies across Europe, North America, and Latin America.
According to the firm, financial services is undergoing what it described as a “multi-trillion dollar platform shift,” with banking and financial services representing approximately $20 trillion in market capitalization across the Global 2000. Mouro noted that fintech challengers still account for only about 3% of traditional banking and insurance revenue, leaving significant room for growth as AI, programmable payments, identity infrastructure, and data tooling reshape the industry.
The company said AI has dramatically reduced the cost and speed required to build startups, enabling smaller teams to scale faster than in previous market cycles. Mouro added that this environment increases the importance of identifying emerging innovations early and supporting founders with sector-specific expertise and long-term follow-on capital.
Mouro Capital highlighted its global investment platform spanning London, Madrid, and San Francisco, noting that operating across multiple markets allows the firm to identify evolving business models and compare adoption trends across regions. The company said this international perspective helps improve underwriting, founder guidance, and operational support.
The firm also pointed to its historical investment performance, stating that over more than a decade of specialist investing at the intersection of finance and technology, it has achieved an average 4x return on invested capital across 26 exits. Mouro added that its top ten portfolio companies have generated an average revenue growth CAGR of 97% over the last five years.
Mouro said it is already backing companies focused on AI, data infrastructure, and fintech modernization. Portfolio companies highlighted included ElevenLabs, which develops conversational AI agents for financial services, Sakana AI, which is applying AI to banking modernization, Alinia, and Burbank, which focuses on bringing card-present security to online payments.
