Mouro Capital has closed its third fund at $400 million, with Santander returning as a backer. The new vehicle lifts the firm’s total capital commitments to more than $1 billion since its 2015 launch and will target startups operating where AI, blockchain, capital markets, wealth management, and core financial infrastructure meet.
The thesis is specific. Mouro said it will keep backing companies modernizing payments, lending, insurance, compliance, and banking rails, while outside coverage said the firm is now focused on “AI-native interfaces, stablecoins, and decentralized finance” as core pieces of the next generation of financial services. Reporting also said the new fund has already made seven investments, including ElevenLabs and Sakana AI.
Programmable finance is central to the strategy
The blockchain component is not peripheral. Mouro lists M^ZERO in its portfolio and describes it as decentralized stablecoin infrastructure that allows institutions to transfer value. That points to a willingness to fund crypto plumbing, not just AI software packaged as fintech.
The firm is also looking closely at governance, risk and compliance, capital markets, wealth management, payments infrastructure, and stablecoins. The logic is straightforward: if money movement, compliance checks, and advisory workflows are becoming machine-assisted, then the systems handling settlement, custody, transfer, and identity verification also need to become programmable. In that model, AI reshapes the interface layer of finance, while blockchain and stablecoin infrastructure support the movement of value underneath.
Capital continues to target the theme
The broader funding market is moving in the same direction. Catena Labs disclosed an $18 million seed round led by a16z crypto to build what it called the “first fully regulated AI-native financial institution.” Accel, for its part, said it led Viktor’s $75 million Series A; the company was described as an AI coworker that works inside Slack and Microsoft Teams and had reached a $15 million revenue run rate after 10 weeks.
Against that backdrop, Mouro’s latest fund close looks like another institutional allocation toward startups building at the overlap of regulated finance, software automation, and digital asset infrastructure.