NEWS: ICAP founder gives backing to £100m fintech fund

​Michael Spencer, one of the City’s best-known entrepreneurs, has become the cornerstone investor for a new UK fintech fund that aims to raise up to £100m. Mr Spencer is to contribute at least £25m, via his IPGL vehicle, to a fund called Element Ventures, which will focus on investments in technologies that streamline working practices in financial markets.

Mr Spencer has built up a personal fortune of around £1bn since founding ICAP, the interdealer broker, in 1986. He sold £200m worth of ICAP shares in 2017 and the sale of the company, rebranded as Nex, to the CME earned him another £750m.

Source: https://www.ft.com/content/0b77234a-3ab7-11ea-a01a-bae547046735.
 
Posted by Peter Oakes (www.peteroakes.com)
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