New FinTech Growth Fund for UK scale-up businesses

We’re delighted to back the new FinTech Growth Fund. Here’s our quick take on how it could help businesses get to the next level.

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What’s the background to the FinTech Growth Fund?

In February 2021, the Kalifa Review of the UK fintech sector highlighted a number of opportunities to support the growth and adoption of UK fintech including:

  • Creating highly skilled jobs across the UK
  • Boosting trade
  • Extending the UK’s competitive edge over other leading fintech hubs.

The Review set out a series of proposals for how the UK could build on its existing strengths, create the right framework for continued innovation, and support UK firms to scale.

A growth fund was one of the Review’s recommendations, to provide additional support to fintechs struggling to find domestic capital. 

Supporting entrepreneurs and founders to build their business

We are proud to play a part in the national coordination across the fintech ecosystem to boost growth and support fintechs to build their business.

Our chief executive Paul Thwaite says: “The UK’s fintech sector is the envy of Europe, housing more than 3,000 companies and a financial ecosystem second only to the US. However, the UK has suffered from a lack of domestic growth capital to take this sector to the next level. That’s why we’re delighted to back the Fintech Growth Fund in support of its ambition to grow into Europe’s largest fintech fund, focused on bridging the UK’s growth capital gap. We commit to continuing to provide support and financing to help break down barriers to growth and enterprise high growth, high potential UK companies.”

What will the FinTech Growth Fund do?

The Fund will look to undertake, on average, four to eight investments per annum, with (minority, equity) investments between £10m and £100m for UK fintech firms ranging from Series B to pre-IPO stage. The first deployment of capital into businesses is scheduled for Q4 2023.

The FinTech Growth Fund’s “Beyond Investing” programme will focus on national connectivity, support for early-stage founders, and talent, diversity, equity, and inclusion.

Visit our High Growth Hub for more business insight and support 

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