Barclays will become a limited partner in Illuminate Financial’s most recent venture capital strategy, expanding the firm’s well established partnership with Barclays. Illuminate Financial is a London-based venture capital firm that invests in financial services technology companies.
Along with colleagues Alexander Ross and Rezso Szabo, Mark Beeston serves as the founder and managing partner of Illuminate Financial. The venture capital firm was established in 2014. It addresses fundamental issues in the financial services industry, such as infrastructure for digital assets, sustainability and ESG, data, and private markets, as well as more general enterprise solutions for the industry.
The UK Government and Tech Nation’s Fintech Pledge aims to make the UK the ideal location for establishing and growing a financial services technology company. By focusing on industry-leading transparency and communication, the signatories, including Barclays, have pledged to make sure that collaborations between technology companies and banks are conducted with renewed energy.
For the benefit of their customers and clients as well as the financial sector as a whole, Barclays has a long history of supporting fintech companies in their efforts to introduce novel solutions to the market. The expansion of the businesses with which they collaborate is also aided by these connections.
Illuminate Financial, which backs early-stage FinTech and enterprise software companies driving innovation in the financial services industry, has Barclays joining global financial institutions such as Jefferies, J.P. Morgan, Deutsche Börse Group, Citi, and S&P Global as investors. Illuminate Financial’s previous $100 million FinTech fund, which was launched in 2019, had Barclays as one of its investors.
Barclays’ Co-Head of Principal Investments, Andy Challis, stated that they are thrilled to keep working with Illuminate Financial over the years. Barclays will be able to contribute even more significantly to the innovation ecosystem of the financial market as a result of this investment. Illuminate Financial’s founder and managing partner, Mark Beeston, said: “We have had the pleasure of working with Barclays for a number of years and are happy to welcome them back as an investor in our venture capital strategy. Investors in Illuminate Financial represent a distinctive mix of international financial institutions, extending the company’s in-depth industry knowledge and go-to-market value-add for our portfolio.”
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