Ex-chancellor Lord Hammond has reportedly been enlisted to serve on the advisory board of a new £1 billion FinTech fund.
The move forms one of the key recommendations outlined in a government-commissioned review into UK FinTech carried out by former Worldpay boss Ron Kalifa.
Hammond is expected to be one of a number of industry heavyweights backing the new fund, which is designed to accelerate the development of promising UK FinTechs, according to a report by Sky News.
The Kalifa Review, which was published last year, said that UK FinTech was at a crossroads of “opportunity and risk,” with competition from overseas and the Brexit fallout threatening its leading position in the market.
The ‘Fintech Growth Fund’, which will be independent of the government, is currently seeking capital from institutional investors, according to city sources as Sky News.
The news site said that a number of companies, including Barclays, London Stock Exchange Group, and Mastercard have been approached about investing small amounts in the fund.
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