Augmentum Fintech plc (LSE: AUGM) announced this week it has invested £8.5 million across three companies that are in its portfolio. Founded in 2018, Augmentum Fintech claims to be one of Europe’ leading venture capital investors that is focused on the fintech sector. The company invests in early and later stage fintech businesses that are looking to disrupt banking, insurance, asset management, and wider financial service sectors.
“Augmentum is the only listed fintech-focused venture capital firm in the UK, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient funding and support, unrestricted by conventional fund timelines.”
According to P2P Finance News, the investment was put into challenger bank Tide, current account provider Monese, and information platform Duedil. Portfolio Manager of Augmentum, Tim Levene, stated that the company has been working with each of the companies management teams and all are ‘continuing to effect change and much needed disruption in their target markets.”
“Now in our second year, we continue to look for opportunities where we can add value to a company in addition to making a financial contribution.”
The investment comes just after Augmentum Fintech’s board of directors announced the proposed issue of new ordinary shares to raise gross proceeds of approximately £30 million at a price of 112 pence per new Ordinary Share, details of which will be set out in the Prospectus. The company added:
“The Initial Issue will comprise an Initial Placing, Offer for Subscription and Intermediaries Offer. The Initial Issue forms part of a proposed Share Issuance Programme of up to 150 million new Ordinary Shares and/or C shares.”