FinTech-focused venture capital firm Illuminate Financial has received a strategic investment from Citi.
As part of this deal, Citi joins existing investors Jefferies, J.P. Morgan, Deutsche B?rse Group and S&P Global as a limited partner in Illuminate Financial.
This move aims to help Illuminate expand its expertise and industry network. To date, Citi has co-invested in eight of Illuminate’s portfolio companies Arteria AI, TransFicc, CloudMargin, Privitar, Genesis Global, Talos, Cosaic and Blockdaemon.
Illuminate Financial Management has backed over 30 companies that address challenges across the financial services sector, including digital assets infrastructure, climate and ESG, data and private markets and more.
Citi head of digital and chief investment officer Sandeep Arora said, “Citi has a strong track-record of partnering with FinTechs to build digital solutions for our clients and believe this strategic investment will provide earlier visibility into new technologies and complement our direct investing program.”
Illuminate recently joined the $105m Series B round of digital asset trading technology Talos. The funding round brought its valuation to $1.25bn. The company provides buy-side institutions and service providers with the technology infrastructure to adopt crypto.
Another one of its recent investments was into TransFICC, which offers low-latency connectivity and workflow services for fixed income and derivatives markets. TransFICC recently collected $17m for its Series A.
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