Exchange organisation Deutsche Börse and financial information services firm Markit have joined forces to co-lead an investment round in the IFM Fintech Opportunities Fund.
The fund is run by Mark Beeston’s Illuminate Financial Management and will focus on seed and series A rounds for new fintech firms. The fund is reported to be worth $50m.
Mark Beeston, managing partner of Illuminate Financial Management said: "Markit and Deutsche Börse are global fintech leaders whose clients will benefit from the technology firms Illuminate is already backing. "
"Investing with Illuminate gives us deep insight into technologies and pioneering business models in our space," said Lance Uggla, CEO and founder of the market watcher, Markit.
"The new fund focuses on fintech companies in areas such as compliance, regulation and connectivity, among others, which fits into Deutsche Börse’s growth strategy to extend its service portfolio," said Andreas Preuss, deputy CEO of Deutsche Börse.
