Former BlackRock executive, Joe Parkin, has launched a fund aimed at boosting UK fintechs with a £1bn investment.
Parkin, who was previously BlackRock’s head of banks and digital channels, believes that early-stage funding is critical for UK fintechs to compete in the global market.
The fund, called FinTech Growth Fund, will focus on supporting growth-stage fintechs as they scale.
The UK FinTech Growth Partners, the company behind the fund, has already enlisted heavyweight figures, including former chancellor Lord Hammond, to back the initiative.
The fund’s launch comes at a time when the fintech industry is experiencing significant growth, with the UK being one of the leading fintech hubs in the world.
The fund’s aim is to provide UK fintechs with the necessary capital to continue to innovate and grow, ultimately strengthening the UK’s position in the fintech industry.
The FinTech Growth Fund is the first investment fund of its kind in the UK, and its launch has been met with excitement in the industry.
With the backing of notable figures and significant investment, the fund has the potential to drive innovation and growth in the UK fintech sector, creating opportunities for both investors and fintechs alike.
Parkin’s new venture has attracted a number of experienced executives to the team, including Angel Issa, Kaushalya Somasundaram, and Phil Vidler. Issa, who previously worked at Goldman Sachs, will serve as the fund’s chief financial officer.
Somasundaram, who has experience working with startups, will serve as the fund’s chief operating officer. Vidler, who previously worked at Google, will serve as the fund’s head of strategy.
The managing partner of the fund has not yet been announced, but Parkin has stated that he is looking for someone with experience in the fintech industry who can help drive the fund’s growth and success.
The fund has already attracted interest from a number of investors, including pension funds and family offices. Parkin has stated that he is excited to work with these investors to help support the growth of the UK fintech industry.
Overall, Parkin’s new venture is an exciting development for the UK fintech industry, and is likely to provide much-needed support to startups and scaleups in this space.
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