Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Lord Hammond to join £1bn Fintech Growth Fund

by August 9, 2022
August 9, 2022
Lord Hammond to join £1bn Fintech Growth Fund

Former Chancellor Lord Philip Hammond has been appointed to the advisory board of the provisionally named Fintech Growth fund, a £1bn venture to invest in financial technology startups, according to reports.

Sources told Sky News on Monday that Lord Hammond, who served as chancellor under former Prime Minister Theresa May from 2016 to 2019, would be one of several big-name figures to work with the fund.

The establishment of the Fintech Growth Fund was one of the recommendations that came from the landmark ‘Kalifa Review’, a government-commissioned examination into the UK fintech sector from former Worldpay executive Sir Ron Kalifa.

Kalifa recommended £1bn of institutional capital to be put toward closing the “£2bn fintech growth capital funding gap”, acting as a “catalyst in developing” growth in the industry.

Among the potential sources of funding mentioned by Kalifa was the “£6tn in UK private pension schemes”.

The focus of the fund will be providing late-stage funding for UK fintechs looking to scale up with big investments beyond the Series B round.

Kalifa noted in his recommendation a concerning pattern of UK fintech entrepreneurs selling their companies at the first signs of growth, rather than developing them within the UK.

The review’s one-year anniversary in February of this year prompted industry experts to call on the government to do more to ensure the UK retained its “fintech crown”.

Investment in UK fintech startups hit a record £8.6bn in 2021, the highest of any tech sector and outpacing the rest of Europe.

A number of high-profile companies have reportedly been approached to provide seed funding to help launch the venture vehicle, including Barclays, Mastercard, and the London Stock Exchange Group (LSEG).

Sources also said an official announcement was being prepared for as early as autumn this year.

Other figures expected to be involved are Phil Vidler, a former Treasury official and CEO of Fintech Alliance, and Al Lukies, a former long-term government ambassador for fintech.

Read more:
Lord Hammond to join £1bn Fintech Growth Fund

0
FacebookTwitterGoogle +Pinterest
previous post
EV charging app Zap-Map powers up for international expansion with £9m raise
next post
July could be ‘lull before the storm’ for retailers and consumers

You may also like

Five day week is ‘in many cases not...

August 25, 2022

Royal Mail bosses threaten to declare insolvency as...

March 28, 2023

DWP errors leave more than 200,000 pensioners £1.3bn...

December 6, 2023

Mastercard strikes deal with Binance to launch crypto...

August 25, 2022

Last chance for businesses to take advantage of...

March 8, 2023

Record year for Ferrari sees supercar maker profits...

February 1, 2024

McDonald’s Faces Profit Disappointment Amidst Cost-Conscious Consumers and...

May 1, 2024

Motherhood ‘has driven 250,000 women out of jobs’

November 6, 2023

HSBC agrees to delay closure of a last...

March 27, 2023

Secrets of Success: Ian O’Connor – Managing Director,...

January 31, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • DOGE’s IRS Cuts in Perspective

      May 29, 2025
    • UK Gambling Industry Concerned Over Stricter Regulation and Higher Taxes

      May 29, 2025
    • Justice Department tells American Bar Association it will no longer comply with ratings for judicial nominees

      May 29, 2025
    • Sen Ron Johnson suggests he may not run for re-election in 2028

      May 29, 2025
    • Senate Republicans plan hearing on Biden’s alleged cognitive decline cover-up

      May 29, 2025
    • Federal judge blocks 5 Trump tariff executive orders

      May 29, 2025

    Categories

    • Business (8,091)
    • Investing (1,994)
    • Politics (15,426)
    • Stocks (3,115)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved