Former chancellor Philip Hammond is reportedly joining a star-studded line-up in a new fund that aims to boost the chances of UK fintechs.
New vehicle tentatively called Fintech Growth Fund to raise £1bn to back promising start-ups, Sky Newsreportedand Hammond will join its advisory board.
The fund will seek capital from institutional investors, the news agency reports, and will not be affiliated with Westminster politics.
A landmark report by ex-WorldPay boss Sir Ron Kalifa on the UK fintech landscape last year highlighted a funding gap for companies looking to go beyond their Series B stage and raise money to expand them.
Lord Hammond’s potential foray into the fund would not be his first role in the investment world since leaving office.
He took on an advisory role at crypto startup Copper in October, after joining the advisory board of startup OakNorth in 2020.
His contact with senior government officials on behalf of OakNorth was branded “unwise” and “not acceptable” by the chairman of the Business Appointments Advisory Committee last year.
TO READ “Lobbying is a healthy part of democracy,” Cameron tells MPs at the Greensill inquiry
Sky News reports that Barclays, London Stock Exchange Group and Mastercard are among the City stalwarts who have been asked for seed funding in the Fintech Growth Fund.
Former government fintech ambassador Al Lukies and head of the FintechTech Alliance Phil Vidler are also expected to play a role in the fund, according to the news agency.
All parties declined to comment to Sky News.
A landmark report by ex-WorldPay boss Sir Ron Kalifa on the UK fintech landscape last year highlighted a funding gap for companies looking to go beyond their Series B stage and raise money to expand them.
To contact the author of this story with comments or news, email Justin Cash
[ad_2]
Source link
