Such companies as Barclays plc, National Westminster Bank (NatWest), Mastercard Incorporated (NYSE: MA), London Stock Exchange Group, and Peel Hunt have backed FinTech Growth Fund.
UK FinTech Growth Partners LLP has announced the launch of the FinTech Growth Fund – an investment fund aimed at supporting companies at the early stages of their business until they can go public. The move aims to back UK’s image as a fintech hub as well as allow the country to compete with Silicon Valley.
Basically, FinTech Growth Fund will provide four to eight investments per year, with investments between £10 million and £100 million, as well as offer strategic support to its portfolio companies to help them bring their corporate ambitions to life. The fund is set to make the first investments as soon as the fourth quarter of this year.
Such companies as Barclays plc, National Westminster Bank (NatWest), Mastercard Incorporated (NYSE: MA), London Stock Exchange Group, and Peel Hunt have backed FinTech Growth Fund.
Lord Dominic Johnson CBE, Minister of State, Department for Business and Trade, commented:
“UK Fintech remains one of this country’s crown jewels, casting a shining light to global investors that attracted $12.5 billion of inward investment in 2022. Second only to the US and larger than the next 13 European markets combined, UK Fintech can still reach new heights with new UK-based growth funds. I welcome the launch of the Fintech Growth Fund and wish them well in their fundraising.”
The leading team of the fund has also been formed. Its board of partners includes experts in the industry, such as Angel Issa – former Global Head of Corporate Development & Strategic Investments at Nomura, Joe Parkin – former Managing Director – Head of Banks, Digital Channels and UK Inorganic at BlackRock, Kaushalya Somasundaram – Former Executive Director and UK Head of Payments, Partnerships & Industry Relations at Square; and Phil Vidler – CEO of FinTech Alliance.
UK’s FinTech Climate
Earlier, Britain was facing criticism saying that the UK government put barriers to fintech entrepreneurs and forced them to consider listings overseas, especially after the country’s exit from the European Union, which undermined the UK’s status as a global financial centre.
In response to scepticism, the London Stock Exchange has undergone a number of reforms to encourage fintech firms to float in the UK rather than in the US. Besides, the government created initiatives to promote innovation and growth, such as the Fintech Delivery Panel and the Fintech Sector Strategy. As a result, the UK is now the leading fintech hub in Europe.
Fintech is one of the UK’s strongest startup sectors, with more than 1,500 high-growth fintech companies currently active, 20 fintech unicorns (around half of the UK’s billion-dollar startups), and more venture capital investment than any other industry. The sector is home to many of the world’s largest fintech companies and is comprised of more than 1,600 firms. This number is projected to double by 2030.
next
Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
Source: https://www.coinspeaker.com/uk-1b-fintech-fund-support-growth-stage-companies/