ICAP’s billionaire founder Michael Spencer is betting big on fintech.
According to City A.M., the serial entrepreneur and City grandee will be contributing at least £25 million ($32.6 million) to Element Ventures’ fintech fund.
The fund will focus primarily on startups working on solutions for the financial services industry. Steve Lake, HSBC’s former vice chairman of global and markets, is a partner at the fund and so are co-founders Michael McFadgen and Steve Gibson, two former members of ICAP’s venture unit.
The trio “are proud to have backed some of the best founders and companies in the industry over the last decade and have had the privilege of investing with the world’s leading financial services and venture firms.”
This, reportedly, is Spencer’s largest investment since he sold his firm to the Chicago Mercantile Exchange for £3.9 billion ($5.1 billion) in 2018.
Photo: Mark Mather
