Santander has invested €2 million in Connecting Visions, a Spanish startup that helps SMEs gain access to consulting services.
Connecting Vision acts as a bridge between small firms and experts that can help them with specific challenges. SMEs outline their issue and consultants prepare a series of options that the company can choose between.
The firm has built up an ecosystem of more than 172 service and technology companies, with over 350 experts and advisers with experience in a host of key fields that can help SMEs grow, increase customer loyalty, digitise, become more efficient, and attract talent.
The startup was one of the winners of the Santander X Tomorrow global entrepreneur challenge last year, prompting the new investment, with the option for the bank to increase its stake.
Separately, Santander's digital offshoot, Openbank, doubled the assets under management in its roboadvisor in 2020, with positive net entries every month except March, the epicentre of the crisis caused by Covid-19.
The strong showing is in contrast to efforts at another of Santander's inhouse startups, Asto Digital, which is being shut down.