13books Capital Reinforces Fintech Support With £121 Million Fund

London-based VC Company 13books Capital, formerly known as Element Ventures, is announcing the closing of a £121 million fund. This fund aims to support the next generation of financial technology (fintech) innovators. This fund shows 13books Capital’s ongoing commitment to helping forward-thinking founders who are changing the future of financial services.

So far, the team has invested in 19 fintech firms and has a strong history of successful investments. Its investment partners include ErisX, Fenergo, nCino, Duco, Thirdfort, Billhop, Runa, Coincover, Hepster, and Roadzen. Founders gain from the firm’s network of 34 top founders and industry experts, including Limited Partners (LPs), who offer exceptional entrepreneurial experience, connections, and knowledge.

13books Capital Seeks To Support Founders In The Financial Technology Sector

The new £121 million fund will allow 13books Capital to keep backing the most innovative founders in creating future financial technology. The firm will mostly invest in early stages, from Seed to Series A, with investment amounts ranging from £1 million to £7 million.

The fund has had a great start by investing in five promising companies in the last six months. These include Ramify, a digital wealth management platform, an API-based invoicing platform, and Series A investments in Aria. Both have the potential to become top players in Europe’s future digital financial services.

The firm is excited to welcome two new institutional Limited Partners (LPs), KfW Germany and British Patient Capital. 13books Capital will join IPGL and Isomer Capital on the Fund’s Limited Partner Advisory Committee (LPAC).

13books Capital Wants To Build The Future Of Financial Technology

Michael McFadgen, Partner at 13books Capital, said it’s obvious that European fintech entrepreneurs want a venture platform that focuses on their sector and founders with strong industry connections.

13books Capital believes European fintech is emerging into a golden era, and the firm appreciates its LPs and founders for their trust. The firm aims to continue supporting the next generation of groundbreaking fintech entrepreneurs.

13books Capital was established by Michael McFadgen and Steve Gibson in 2019, with Spencer Lake, former vice-chair of global banking and markets at HSBC, joining later. The firm noted that while there was initial doubt among financial services firms, it has been replaced by recognition of the huge potential of emerging fintechs in recent years.

However, it has been a tough time for fintechs recently. A KPMG report from March shows that Irish fintech firms drew about $61 million in investment last year, a significant drop of 94% compared to over $1 billion in 2022. KPMG also said this decline is part of a global trend, with overall investment reaching a six-year low.