FinTech Growth Fund has launched today and it is the first investment fund of its kind focussed on supporting growth stage FinTechs as they scale.
In brief:
-It currently has backing from from industry leaders Barclays, NatWest, Mastercard, London Stock Exchange Group and Peel Hunt
-The FinTech Growth Fund will invest in UK FinTechs, predominantly between Series B and pre-IPO, to enable them to scale into world-class global organisations.
-The fund will look to undertake, on average, four to eight investments per year, with investments between £10 million and £100 million. The fund will make minority investments and all investments will be for equity and equity-linked securities.
What does it mean?
Phil Vidler, Managing Partner, commented: "The UK has always been at the forefront of innovation in FinTech but there is a very clear and well evidenced growth funding gap. The FinTech Growth Fund will address the lack of available growth capital by providing a first of its kind domestic, growth-stage, FinTech focused venture capital fund backed by strategic investors. Our aim is to not only provide the capital needed for founders to scale their businesses, but to also engage with stakeholders across the nation to support the wider ecosystem. In doing so, we believe we can ensure the UK remains a global leader in FinTech."
