Illuminate holds first close on maiden fintech fund

Katharina Semke
10 November 2015

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Illuminate Financial Management has held a first close for its first vehicle, IFM Fintech Opportunities Fund.

The round was co-led by Deutsche Börse Group and financial information services provider Markit. Other investors were not disclosed. Illuminate stated it would be targeting additional LPs for the rest of the fundraising.

The VC started fundraising in early 2015 and is targeting a final close on $50m – the forecast schedule for further closings has not yet been disclosed.

Investments
Illuminate's fund is focused predominantly on seed- and series-A financing rounds for fintech companies in sectors such as compliance, regulation and connectivity. The vehicle will not have a specific geographical focus.

The fintech fund has made one investment so far, acquiring a stake in British collateral management company Cloud Margin in February this year.

People
Illuminate was founded by Mark Beeston in February 2014. Beeston was previously CEO of post-trade and information businesses at ICAP. He began his career at Deutsche Bank, where he was notably chief operating officer for global credit trading between 2002-2005.