Management has closed the first round of capital raising for its new IFM
Fintech Opportunities Fund. Established by Mark Beeston, the former head of
Icap’s post-trade and information division, with the support of Deutsche Bank, IFM
invests in early-stage startups across the capital market industry.
The fund has already
taken a stake in collateral management provider Cloud Margin, and is looking at
open source company OpenGamma.
Markit and Deutsche
Börse Group have both lead invested in the fund, although the invested amounts
have not been disclosed.
“We are delighted to
announce the first close of the Illuminate Fintech Opportunities Fund,” says
Beeston, managing partner and founder of Illuminate Financial Management.
“Markit and Deutsche Börse are global fintech leaders whose clients will
benefit from the technology firms Illuminate is already backing. We are pleased
to have them both as lead investors.”
Lance Uggla, CEO and
founder of Markit, adds, “Investing with Illuminate gives us deep insight into
technologies and pioneering business models in our space. We look forward to
collaborating with Illuminate to advise investee companies as they refine their
business models and define their go-to-market approach. Fostering innovation is
a pillar of our business strategy.”
Andreas Preuss, deputy
CEO of Deutsche Börse, says, “The new fund focuses on fintech companies in
areas such as compliance, regulation and connectivity, among others, which fits
into Deutsche Börse’s growth strategy to extend its service portfolio. Partnering
with Illuminate allows us to engage and leverage early stage opportunities that
will influence the changing market landscape.”
Since setting up
Illuminate Financial Management in February 2014, the company has established a
pipeline of early stage companies across all areas of capital markets activity,
focused predominantly on Series A and Series seed financing rounds.
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