A group of senior figures are leading plans to create a fund to back UK fintech ‘scale-ups’ and prevent founders selling up too early, following a review last year by Sir Ron Kalifa, Sky News learns.
Lord Hammond, the former chancellor, is among a host of heavyweight figures being enlisted to back a new £1bn fund aimed at accelerating the expansion of some of Britain's most promising financial technology companies.has been lined up to serve on the advisory board of the new venture, which has been provisionally named the Fintech Growth Fund.
City sources said on Monday that it would seek to raise capital from institutional investors and be independent of the government. The idea for the initiative was one of the central recommendations contained in a landmark government-commissioned review of the UK fintech industry published last year by Sir Ron Kalifa, the former Worldpay executive.
Companies including Barclays, London Stock Exchange Group and Mastercard are said to have been approached about providing small amounts of seed funding to get the new vehicle operational.Lord Hammond, who was chancellor between 2016 and 2019, has become involved with several fintech and cryptocurrency businesses since stepping down as a minister.
Among the other senior figures expected to play a role in the Fintech Growth Fund is Al Lukies, an entrepreneur who has served as a government fintech ambassador for nearly a decade.
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