A new investment company has announced its intention to launch an initial public offering and wants to raise £100 million.
Augmentum Fintech plc will invest in early stage and later stage FinTech businesses which have high growth potential and disruptive technology in the banking, insurance and asset management sectors, as well as other cross-industry propositions.
It is seeking to issue a target of 100m shares at an issue price of £1.
Augmentum will acquire an initial portfolio of five FinTech investments with a total value of £33.3 million – Zopa, Seedrs, Interactive Investor, BullionVault and SRL Global.
Augmentum Fintech is backed by RIT Capital Partners which is chaired by established British investment banker Lord Rothschild.
“The management team is well-networked and involved in some of Europe’s most innovative FinTech businesses,” said Neil England, chairman of Augmentum Fintech plc.
“Our significant entrepreneurial, operational and investment experience as well as our established track record offers investors targeted exposure to a sector that is difficult to gain access to.
“We expect to deliver attractive risk adjusted returns through a highly curated portfolio of high calibre FinTech companies.”
Tim Levene, co-founder and principal of Augmentum Capital, the company’s investment adviser, said: “Europe offers a large addressable and attractive fintech investment opportunity where we are blessed with a deep pool of talent.
“The company is well positioned to capitalise on some of the most compelling opportunities available in the market.”