Barclays has extended its partnership with venture capital firm Illuminate Financial to help fund fintech startups.
Illuminate Financial backs early-stage fintech and innovative software companies in the financial services sector. In 2019, Barclays was an investor in Illuminate’s $100m (£86.48m) fintech fund.
To date, the fund has supported fintechs such as SteelEye, Genesis, and Arteria AI.
“We’re delighted to continue our longstanding partnership with Illuminate Financial,” said Andy Challis, co-head of principal investments at Barclays.
“This investment will enable Barclays to play an even more meaningful role in the financial market’s innovation ecosystem.”
Mark Beeston, founder and managing partner at Illuminate Financial, added that the partnership will help to address core challenges across financial services including digital assets infrastructure, climate and ESG, data and private markets, as well as broader enterprise solutions that target the sector.
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“It has been our privilege to work with Barclays for several years and welcome them back as an investor for the second time in our venture capital strategy,” Beeston said.
“Illuminate Financial’s investors represent a unique combination of global financial institutions, extending the firm’s deep domain expertise and go-to-market value-add for our portfolio.”