London-based Illuminate Financial, a venture capital firm backing companies that solve problems in financial services, announced on Wednesday that it has closed its third fund at $235M (approximately €215.21M).
The funds came from two additional strategic partners, BNY Mellon and Euroclear, who join global financial institutions J.P Morgan, S&P Global, Jefferies, Deutsche Börse Group, Barclays, Citi, and SGX as investors.
“Global spending on technology by financial institutions continues to grow, even in this market, and is forecasted to reach a staggering $750B by 2025,” says Alexander Ross, General Partner who leads Illuminate’s New York office.
“Since Illuminate was started, we have partnered with financial institutions to identify how these budget dollars could be more efficiently allocated by adopting early stage, innovative, lower costs solutions – the type that Illuminate Financial exists to back,” he adds.
Capital utilisation
Illuminate Financial says it will use the funds to make additional investments in Series A startups that are driving innovation in the financial services industry.
Mark Beeston, Founder and Managing Partner at Illuminate Financial, says, “The reset of private market valuations over the past 18 months makes this arguably one of the most exciting times to deploy early-stage capital since the bursting of the dot com bubble over 20 years ago.”
“My partners and I are grateful for the support of our investors old and new in recognising the opportunity this environment creates for fintech entrepreneurship, and its ability to create lasting change in financial services.”
Fund III sees the company’s growth trajectory upward from its founding nine years ago. Illuminate Financial has thus far invested in 35 businesses, nine of which have been successfully sold, mostly through trade sales to industry strategics.
About Illuminate Financial Management
Founded in 2014 by financial industry veteran Mark Beeston with Partners Alexander Ross, Rezso Szabo, Rachel Townend, and Luca Zorzino, Illuminate Financial is a venture capital firm that focuses on fintech and enterprise software businesses that are shaping the future of financial services.
“At Illuminate, our deep networks and partnerships with key industry participants across banks, infrastructure providers, asset & wealth managers, exchanges and established vendors allow us to gain real insight into what the industry needs and help portfolio companies achieve their full potential,” says the firm.
Currently, Illuminate has 20 team members spread throughout New York, London, and Singapore.
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