A new fund to support growth-stage fintechs
A new fund specifically targeted at growth-stage fintechs has been launched in response to the Kalifa Review, which identified a £2bn fintech growth funding gap in the UK. The fund, called the Fintech Growth Fund, is backed by Barclays, London Stock Exchange Group, Mastercard, NatWest, and Peel Hunt. It aims to address the funding gap by making four to eight investments per year, ranging from £10m to £100m. Its first deployment of funding is scheduled for the final quarter of this year.
Strategic support for portfolio companies
In addition to providing investment capital, the growth fund will also provide strategic support to its portfolio companies. This support will include access to a wide ecosystem of knowledge across fintech, venture capital, and financial services. The aim is to help founders scale their businesses and support the wider fintech ecosystem in the UK.
Achieving leadership in fintech
The Fintech Growth Fund represents an important step forward in ensuring the UK retains its leadership role in fintech. Phil Vidler, co-founder and managing partner of the fund, stated that the fund will address the lack of available growth capital in the UK by providing a first-of-its-kind domestic, growth-stage, fintech-focused venture capital fund.
Notable executives and advisors
The fund has assembled a notable team of executives and advisors. Angel Issa, Joe Parkin, and Kaushalya Somasundaram have joined as part of the executive team, alongside Phil Vidler. The non-executive advisory board will be chaired by former Chancellor of the Exchequer Lord Philip Hammond and will include industry experts such as Dame Jayne-Anne Gadhia, Romi Savova, Sir Charles Bowman, and Dame Helena Morrisey.
