New £1B fintech fund aims to plug UK’s £2B funding gap

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