Surrounded on all sides by a bewildering array of new financial technology companies springing up, the big banks have responded with differing tactics. Several have recently come up with the most emphatic response yet – setting up their own venture capital funds to invest in the sector.

As a statement of interest, putting a few hundred million on the table is always convincing. Nor do big names hurt: Santander and HSBC are the latest to set up fintech venture funds. At this early stage what is less clear is how the funds will operate.