Veterans and experts of the global fintech sector have created a new fintech investment vehicle ‘Motive Partners’, that will make its first deal, taking a stake in LMRKTS, a financial markets firm, according to the reports by Sky News.
The 'next-generation' vehicle is backed by former US Treasury Secretary Larry Summers and will be revealed during World Economic Forum in Davos. Summers is a member of LMRKTS' advisory board and the inaugural investment would be with the firm that saves banks money by identifying redundant foreign exchange transactions.
The new fintech vehicle will be jointly headquartered in London and New York as an important boost to the UK technology sector. Motive Partners founders include Rob Heyvaert, a former executive at the software company FIS, the ex-Interactive Data Corporation chief executive Stephen Daffron, British entrepreneur Alistair Lukies, and Michael Hayford, another former FIS executive.
“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. Given the experience and knowledge of the team here at Motive Partners, we are uniquely positioned to capitalize on this opportunity in the market,” Heyvaert said, as reported by Finextra.
Although the money that Motive would invest in LMRKTS was unclear, the launch of Motive Partners comes amid technological push with new ventures targeting opportunities that are being created by advances in technology.
Motive focuses on transforming financial infrastructure and believes that venture and growth investing would differentiate it in an increasingly crowded market. Giant buyout firm Warburg Pincus, has previously worked with a number of the Motive founders and is said to be interested in backing the new venture.
