Santander InnoVentures is leading a €35 million funding round in pan-European digital debt marketplace CrossLend.
The Series B financing round in the Berlin-based marketplace also includes funding from existing investors Lakestar, ABN AMRO Ventures, and Earlybird.
Founded in 2014, CrossLend provides a digital debt marketplace for consumer, SME, invoices, mortgages and other forms of debt originated by banks and alternative originators. CrossLend securitises the assets as fixed income instruments for portfolio building by institutional investors.
Manuel Silva Martínez, partner and head of Investments at Santander InnoVentures, said: “By developing technology that digitises processes done manually today and building a regulatory infrastructure that allows for a truly pan-European platform, CrossLend is addressing several key opportunities: the ability for banks to mobilise balance sheet assets for regulatory capital optimisation, and connecting alternative originators and banks alike with new sources of capital in-market and crossborder, all of this seamlessly and profitably."
Oliver Schimek, CEO and founder of CrossLend, adds: “We are already in conversations with further banks regarding joining the consortium of investors in the coming months, and we are very proud that Santander InnoVentures and ABN AMRO Ventures have already recognised CrossLend as the key driver of an efficient financing backbone for Europe’s economy.”
Existing financial investors in CrossLend include, CME Ventures, solarisBank, and finleap.