FinTech investment firm invests £8.5m into three companies
FinTech investment firm Augmentum Fintech plc has invested a total £8.5 million into three companies.
The firm is the UK’s only publicly listed investment company focusing on the FinTech sector, and has invested £5m in Tide, £2.5m in Monese, and £1m in DueDil.
Tide, an emerging force in SME challenger banking, received investment of £3m last year and has recently partnered with ClearBank who were awarded £60 million from the Capability and Innovation Fund of Banking Competition Remedies.
Monese is a UK-based mobile-only current account provider. The firm raised £46m in a series B funding round last year, including £5.3m from Augmentum FinTech plc.
The firm gives people the ability to ‘thrive anywhere’, and by May this year had achieved over 1,000,000 sign-ups - 600,000 sign-ups at the time of Augmentum’s initial investment in 2018.
DueDil, a predictive company intelligence platform, raised £2m in a series C funding round last year with co-investors including Oak Investment Partners, Notion Capital and Venture Founders.
“We are pleased to announce these follow-on investments in three of our existing portfolio companies,” said portfolio manager Tim Levene.
“Since our initial investments last year, we have been working closely with the management teams in each of these companies and have been impressed with the progress that they have made against their respective business plans.
“All of these innovative businesses are continuing to effect change and much needed disruption in their target markets.
“Now in our second year since IPO in March 2018, we continue to look for opportunities where we can add value to a company in addition to making a financial contribution.”