FinTech investment firm Augmentum Fintech plc has invested a total 拢8.5 million into three companies.
The firm is the UK鈥檚 only publicly listed investment company focusing on the FinTech sector, and has invested 拢5m in Tide, 拢2.5m in Monese, and 拢1m in DueDil.
Tide, an emerging force in SME challenger banking, received investment of 拢3m last year and has recently partnered with ClearBank who were awarded 拢60 million from the Capability and Innovation Fund of Banking Competition Remedies.
Monese is a UK-based mobile-only current account provider. The firm raised 拢46m in a series B funding round last year, including 拢5.3m from Augmentum FinTech plc.
The firm gives people the ability to 鈥榯hrive anywhere鈥�, and by May this year had achieved over 1,000,000 sign-ups – 600,000 sign-ups at the time of Augmentum鈥檚 initial investment in 2018.
DueDil, a predictive company intelligence platform, raised 拢2m in a series C funding round last year with co-investors including Oak Investment Partners, Notion Capital and Venture Founders.
鈥淲e are pleased to announce these follow-on investments in three of our existing portfolio companies,鈥� said portfolio manager Tim Levene.
鈥淪ince our initial investments last year, we have been working closely with the management teams in each of these companies and have been impressed with the progress that they have made against their respective business plans.
鈥淎ll of these innovative businesses are continuing to effect change and much needed disruption in their target markets.
鈥淣ow in our second year since IPO in March 2018, we continue to look for opportunities where we can add value to a company in addition to making a financial contribution.鈥�