The UK has devised a novel solution for a funding gap: more funding. In a bid to strengthen the country’s financial sector, up to £1bn (€1.2bn) has been allocated to a new investment vehicle for fintech firms. Named the FinTech Growth Fund, the scheme will invest predominantly in companies between Series B and pre-IPO, with the aim of scaling them into global leaders. The first capital deployment is scheduled for the fourth quarter of this year. The fund plans to make an average of four to eight investments every year, each between £10mn (£11.7mn) and £100mn (€117.1mn). All of them will be…
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