UK FinTech Growth Partners, a London, UK-based investment firm, launched its Growth Stage Fund.
With backing for the initiative already secured 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 global organisations.
The vehicle will look to undertake, on average, four to eight investments per year, with investments between £10m and £100m. The fund will make minority investments and all investments will be for equity and equity-linked securities.
Alongside the investment capital, the fund will provide support to its portfolio companies to help them achieve their corporate ambitions, giving them access to an ecosystem of deep, relevant experience across FinTech, venture capital, and the wider financial services ecosystem.
Partners of the fund include:
- Angel Issa – former Global Head of Corporate Development & Strategic Investments at Nomura, having previously held similar roles at BNP Paribas and Morgan Stanley;
- 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; Former Managing Director and Global Head of FinTech Partnerships & Strategic Innovation Investments Director at HSBC, and;
- Phil Vidler – CEO of FinTech Alliance, formerly Group Strategy Director at Pollinate and Head of Global Markets for HM Treasury
The first deployment of capital into businesses is scheduled for Q4 2023 with a meaningful pipeline of opportunities already identified.
The fund is currently recruiting for a number of roles, including regional positions as part of its commitment to supporting businesses throughout the UK.
To support the growth of the fund, UK FinTech Growth Partners has assembled a non-executive advisory board, who will be chaired by former Chancellor of the Exchequer, Lord Philip Hammond, and will also feature notable UK financial services and FinTech figures, including:
- Clare Bousfield – MD Retail and Savings for M&G plc;
- Sir Charles Bowman – Former Senior Partner of PwC and former Lord Mayor of London;
- Dame Jayne-Anne Gadhia – Chair of Moneyfarm, Founder of Snoop and Ex CEO of Virgin Money.
- Lord Gerry Grimstone – former Minister for Investment jointly at the Department for International Trade and the Department for Business, Energy & Industrial Strategy, former Chair of Barclays Bank and former Chair of Standard Life;
- Alastair Lukies CBE – Founder of Pollinate International and Founding Partner of Motive Partners;
- Dame Helena Morrissey – Chair of the Board of Directors Fidelis and Chair of Altum Group, former Chair at FTSE250 firm AJ Bell and former CEO of Newton Investment Management;
- Romi Savova – Chief Executive Officer (CEO) of PensionBee, and;
- Philip Smith – Founder and former CEO of Embark Group.
FinSMEs
16/08/2023