UK-based venture capital firm Octopus Ventures, one of the leading VC firms in Britain, is nearing the completion of a strategic acquisition of the Fintech Growth Fund (FGF) — a move aimed at supporting high-potential fintech companies across the UK.
The fund’s advisory board includes prominent figures such as former UK Chancellor Philip Hammond.
According to a report by Sky News, Octopus Ventures has provisionally agreed to absorb the FGF, which was established three years ago with backing from heavyweight investors like Barclays, the London Stock Exchange Group, Mastercard, and NatWest Group.
However, the fund has struggled to meet its initial fundraising goals and has yet to announce any official investments.
The fund has been advised by Peel Hunt, an investment bank that also participated as one of its investors, for the past two years.
FGF was originally designed to support high-growth British fintech firms, especially those between Series B and pre-IPO rounds, with plans to issue 4 to 8 investments annually, ranging between £10 million and £100 million each.
FGF’s advisory board features notable names alongside Hammond, including Dame Jayne-Anne Gadhia (former Virgin Money CEO), Baroness Morrissey (former CEO of Legal & General Investment Management), Lord Grimstone (former trade minister), and Sir Charles Bowman (former Lord Mayor of London).
