London skyline

A new FinTech venture capital firm called Motive Partners is launching in London.

The firm, founded by a group of financial technology entrepreneurs and investors, will also be opening an office in New York.

Motive Partners is not disclosing the size of the fund that it will have under management, but a Form D filed with the Securities and Exchange Commission (SEC) in the US reveals it was looking to raise $150m.

Although little is known at this stage, some sources say the fund has already invested in LMRKTS, ‎which claims to save banks money by pin-pointing redundant foreign exchange transactions.

Rob Heyvaert, managing partner at Motive Partners, spoke about the launch and the state of the industry: “We believe that financial services is in the middle of a perfect storm of change, driving towards a better customer experience, frictionless technology integration, new standards and most of all a ‘democratization of access’ to financial services around the world. These transformational forces will persistently present meaningful investment opportunities to sector specialists.

Alastair Lukies CBE, a chairman at Innovate Finance, one of the firm’s founding partners spoke about the UK’s prominence in the global FinTech scene.

“Both London and New York have worked exceptionally hard to take a position at the forefront of the financial technology ecosystem,” he said, adding: “With the support of leading professionals in both cities, we are dedicated to playing a meaningful role in enabling the seismic shift in the way society interacts with its finances”.

UK FinTech

The news comes after research released in November last year showed that the UK had come third in terms of global VC investment in FinTech up to Q3 of 2016.

According to the data published by Innovate Finance, UK FinTech firms attracted approximately $532m in funding, whilst Chinese counterparts raised $7.1bn and US financial technology firms landed a total of $5.3bn in funding.

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