Support for fintech continues as Brexit looms

While the uncertainty about the single market lingers, some companies and government officials are investing in UK fintech.

While the uncertainty about the single market lingers, some companies and government officials are investing in UK fintech.

As government officials go abroad to negotiate Brexit, companies back home are investing in UK fintech to make sure the sector continues to flourish.

The Mayor of London’s early stage investment fund has selected five partners to join its existing Tech Fund.

The London Co-investment Fund is a group of companies that invests in tech start-ups that specialise in fintech, AI and big data. The five new companies- Albion Capital, Concentric Team LLP, Mustard Seed Impact Ltd, Startup Funding Club Ltd, Venture Founders- will join nine others that invest in London firms.

The announcement is part of an effort for the City to keep its place as the “fintech capital of the world.”

Rajesh Agrawal, Deputy Mayor for Business, said: “This is great news in the development of the fund and further evidence that London in open for investment. I am pleased that these new partners are on board and look forward to seeing them play a key role in the growth of London’s tech scene in the years to come.”

Fintech investment is not just in London. The Greater Manchester Export Fund announced Wednesday that it was giving investing B2B platform Delio a £250,000 loan to open a new office in the city.

Dalio, which connects private asset investments with investors through white-label platforms, already has offices in London, Cardiff and Brussels. The Manchester office will help the business expand its services to Europe, Asia, Australia and the Middle East.

“The combination of the support from the Export Fund as well as the deep fintech talent pool in Manchester and easy connectivity to our key international markets meant that Manchester was the obvious and preferred location for us to grow our internationally focused team,” Delio CEO Gareth Lewis said.

The fund is part of the Growth Company and gives support to local exporters.