Mouro Capital is a London-based venture capital firm specialising in fintech and financial infrastructure, investing across Europe, North America, and Latin America from seed through Series C. Originally launched in 2015 as the venture arm of Banco Santander, the firm has since operated as an independent investment platform while maintaining Santander as its anchor LP. With the close of Fund III, Mouro has surpassed $1 billion in total commitments across its three funds. The firm holds offices in London, Madrid, and San Francisco.Across 26 exits, Mouro has delivered an average 4x return on invested capital, and its ten largest portfolio companies have recorded average annual revenue growth of 97% over the past five years, placing the firm in the top decile of global VC managers on a historical basis.
Mouro invests in companies reshaping financial services through software, data, AI, and infrastructure. Core areas of focus include real-time payments, programmable money movement, digital identity, AI-native financial software, capital markets, wealth management, and insurance. The firm views governance, risk, and compliance infrastructure as a particularly high-conviction category, arguing that as AI raises the stakes on fraud, identity, and regulation, compliant infrastructure becomes more valuable, not less. Insurtech is identified as a sector massively underserved by venture capital where the firm intends to increase focus.
Financial services represents $20 trillion in market capitalisation across the Global 2000, the largest of any sector globally, yet fintech new entrants account for only approximately 3% of traditional banking and insurance revenue, growing at roughly three times the rate of incumbents.
Fund III completed its first close at $400 million in May 2026, with all capital committed by Banco Santander. The fund is already deploying, with seven investments completed including ElevenLabs, Sakana AI, Alinia, and Burbank. Mouro has indicated it plans to open the fund to outside investors beyond Santander for the first time in the near future, broadening the LP base beyond its historically single-LP structure.
Fund I and Fund II were also anchored by Santander. Combined with Fund III, total commitments across the firm's history now exceed $1 billion.
Leadership
Manuel Silva Martinez is General Partner and the firm's most publicly prominent investment leader. Christopher Gottschalk is a General Partner. No other named partners are identified in available sources.
Investment Strategy
Mouro invests from seed through Series C, leading rounds and providing sustained follow-on support, the firm has a 66% historical follow-on rate. The three-continent operating model, London, Madrid, and San Francisco, gives the firm comparative visibility into how financial products evolve at different stages of maturity across markets, which it uses to inform both underwriting and portfolio support. The firm emphasises that its decade of specialist fintech investing gives it conviction long before opportunities become consensus.
Notable Investments
Notable Exits
26 exits across the portfolio with an average 4x return on invested capital. iZettle (acquired by PayPal for $2 billion) is the most prominent disclosed exit.
Manuel Silva Martinez — General Partner
manuel@mourocapital.com
Rafael Esteban — Partner
rafael@mourocapital.com
Christopher Gottschalk — General Partner
United Kingdom
