CITY AM – Fintech fund in failed talks with treasury
Fintech Growth Fund: Treasury rejects pleas for cash as questions swirl on funding
CITY AM SAYS A much-hyped Fintech Growth Fund has been secretly lobbying the Treasury for support as questions swirl over how much money it has been able to raise from the private sector, City A.M. can reveal.
The Fintech Growth Fund, which ‘launched’ this August as a private sector-led initiative with Lord Philip Hammond as its chair, was formed on the back of a recommendation in the landmark Kalifa Review of Fintech in 2021, which proposed a specialised private sector fund to fill a dearth of growth capital in the UK.
Boss Phil Vidler told City A.M. in an interview in August that the fund had a “mandate” from the review and would raise £1bn to invest in growth companies, with backing already secured from the London Stock Exchange Group, Peel Hunt, Mastercard, Barclays and Natwest.
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