Barclays Backs Illuminate’s Latest Investment Vehicle

Illuminate Financial, the London-based venture capital firm which specializes in FinTech investments, has announced an expansion of its partnership with Barclays.

Under the agreement, Barclays will become a limited partner in Illuminate Financial’s latest venture capital strategy, according to a Wednesday (Oct. 26) press release.

The bank was an investor in Illuminate Financial’s previous $100 million FinTech fund in 2019.

“We’re delighted to continue our longstanding partnership with Illuminate Financial,” Barclays Co-Head of Principal Investments Andy Challis said in the announcement. “This investment will enable Barclays to play an even more meaningful role in the financial market’s innovation ecosystem.”

Barclays has been an active investor in FinTech in recent years and has provided capital to several VC firms in the past.

In February, the bank partnered with the corporate venture builder Rainmaking to launch a startup academy and other projects focusing of cultivating FinTech founders.

See more: Barclays Partners With Rainmaking to Help FinTech Founders

To date, Illuminate Financial has invested in more than 30 companies at the late seed to Series A funding stage. Many of these are FinTechs operating in the digital asset space such as the copper.co and Curv, which was acquired by Paypal last year.

Read also: PayPal Finalizes Deal To Acquire Crypto Security Startup Curv

Illuminate Financial typically takes a 5% to 20% stake in its investments, the firm states on its website.

“It has been our privilege to work with Barclays for several years and welcome them back as an investor for the second time in our venture capital strategy,” Illuminate Financial founder and Managing Partner Mark Beeston said in the release.

He noted that investors in Illuminate Financial “represent a unique combination of global financial institutions, extending the firm’s deep domain expertise and go-to-market value-add for our portfolio.”

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