UK FinTech group R8 Limited has raised in excess of $5 million in an oversubscribed fundraising round.

Existing shareholders of R8, led by Jonathan Rowland and a number of new investors who have backed companies in the high-growth and FinTech areas, were also involved at this stage.  The investors collectively support R8’s mission to create the financial ecosystem of tomorrow.

The funding will be used to facilitate the group’s expansion and the development of its subsidiary companies, as well as seek a listing on the London Stock Exchange.

R8, which was divested out of the Redwood Bank Group in 2017, is building modern financial services needed to support the growing decentralised economy. The company was launched by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank. Redwood Bank became the UK’s first 100% ‘born in the cloud’ business bank using Microsoft Azure Platform.

The company has also confirmed the appointment of Twitter co-founder Biz Stone to the position of non-executive director. Stone, who has also invested in the group, has previously backed successful companies including Slack, Pinterest and Square.

Headquartered in London, R8 intends to launch an initial public offering as early as July on the London Stock Exchange.

Jonathan Rowland, founder of R8, said: “The FinTech landscape is innovating at pace, and we need to develop a robust enough financial ecosystem to bring the full scope of banking and financial services to holders of both traditional and digital assets.

 “We are delighted to have raised this investment and are thrilled to bring Biz Stone on board as we begin to further develop our vision.”