UK firm Element Ventures has secured $130m in financial backing for its business-to-business (B2B) FinTech-focused venture capital business.
The company – founded by Stephen Gibson and Michael McFadgen – intends to invest in around 15 different portfolio businesses in markets such as payments, Insurtech, banking-as-a-service, asset management and infrastructure.
Investors from the fundi include founder of ICAP/NEX Group Lord Spencer, ULink founder Laurent Useldinger, former SunGard CEO Cris Conde, Fenergo founder Marc Murphy, former Acuris CEO Hamilton Matthew, former Nasdaq CIO Anna Ewing, nCino co-founder Pierre Naude, Brit Insurance founder Neil Eckert, Duco founder Christian Nentwich, R3 founder David Rutter and Autoentry founder Brendan Woods.
Isomer Capital – a European venture investor – also took part in the fund.
McFadgen said, “B2B fintech is one of the most exciting opportunities in the tech industry, with incumbents facing huge challenges to digitise and talented entrepreneurs ready to compete. We’ve already backed some incredible businesses and we’re looking forward to discovering the next-generation entrepreneurs that are rising to this challenge.”
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