Banco Santander Acquires Majority Stake in Spanish Fintech Mercury TFS

Banco Santander, S.A. (BME:SAN) introduced on Friday it has acquired the bulk stake in Mercury TFS, a Spain-based firm that focuses on software program options that automate the end-to-end administration of commerce finance transactions for company clients, for €30 million.

In keeping with Banco Santander, the transaction will strengthen its worldwide commerce supply and consolidate its place because the financial institution of selection for SMEs and company corporations with worldwide operations. Santander additionally reported that one third of its funding into Mercury TFS will probably be “earmarked” to subscribe for brand new shares, which is able to inject funds into the corporate to allow new providers and enhance development in buyer numbers and markets. Moreover, Santander has used Mercury TFS’s providers in Spain, Mexico, Chile, and Germany for years. 

The Head of Santander’s International Funds Companies, Javier San Félix, said that the funding additionally accelerates the corporate’s plans to construct a service platform for SMEs and worldwide corporations to higher serve our clients worldwide, with its companies within the UK and Portugal to start utilizing it at year-end via International Commerce Companies (GTS), Santander’s international commerce platform. Santander then added:

“GTS offers providing worldwide funds, foreign money alternate, commerce finance and multicountry accounts to SMEs and corporations conducting worldwide enterprise. Mercury TFS has versatile, open and cloud-ready structure that may be seamlessly built-in into open monetary platforms and with modular design, comparable to GTS.”