STRATEGIC PARTNERS
August 23, 2023
UK Fintech Growth Partners LLP has launched its Fintech Growth Fund, to support fintechs in early stages of growth. Barclays, NatWest, Mastercard and the London Stock Exchange have backed the initiative, which will deliver on average four to eight investments per year in amounts between $12.7 million to $127 million, according to a press release.
The business started the fund to handle a funding gap for fintechs in their initial growth stage, which could cause the U.K. to fall behind in financial services innovation.
"The U.K. has always been at the forefront of innovation in fintech but there is a very clear and well evidenced growth funding gap," Phil Vidler, managing partner at UK Fintech Growth, said in the release. "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 U.K. remains a global leader in fintech."
