The U.K. has faced criticisms from some in the industry that it is posing barriers to its fintech entrepreneurs and forcing them to consider listings overseas.
The U.K. has created an investment vehicle to back growth-stage financial technology companies until they can go public, in a bid to bolster Britain's global image as a fintech investment hub.
It marks a rare commitment to a specialized fund focused on fintech backed by mega-industry players.
While fintech-focused funds like Augmentum Fintech and Anthemis Group exist, the U.K. has yet to see a fintech-oriented fund that came about from a government-led strategy.
The fund also counts Philip Hammond, the former U.K. finance minister, as an advisor.
Persons:
Peel Hunt, Ron Kalifa, Gautam Pillai, Pillai, Philip Hammond
Organizations:
Mastercard, Barclays, London Stock Exchange Group, Peel, CNBC, Anthemis, European Union, London Stock Exchange, New
Locations:
fintech, Britain, U.S, —, British, New York