Santander InnoVentures – the $100 million fintech venture capital fund – has launched the worldwide DL Challenge for early-stage startups in the financial services industry that use distributed ledger (DL) technologies.
Run in partnership with startup agency, Onevest, the Santander InnoVentures DL Challenge aims to support innovative applications for using DL and blockchain technologies to improve the banking industry’s processes and operations. The fund's Managing Partner, Mariano Belinky, wants the competition 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 Challenge will spark and accelerate that process for fintech startups. Mariano Belinky, Santander InnoVentures
Santander InnoVentures has previously reported that the value of opportunities in this field total billions of dollars. Areas for development include mortgage processing, trade finance and asset leasing.
The $15,000 cash prize will help the winning enterprise startup, refine the idea and prepare for further investment. The winner will also have access to market and technology experts at Santander InnoVentures and its parent, the Santander Group. Onevest will provide mentoring to help the startup present to 1,000 angel investors. The shortlist is due to be selected in January 2016.
In the meantime, here's an article about Santander's business loans for SMEs.