Financial services firm NIBC Bank has backed UK-based venture capital firm Outward Venture Capital’s first fund, which has reached a first close.
Asset management firm Investec is also among the limited partners (LPs) for the fund, which has raised roughly half of its £75m ($91m) overall target according to Private Equity Wire. Its other LPs include unnamed additional investors, and Outward is looking to add more institutional and private backers in the next year.
Founded in 2017 as INVC Fund by Investec’s UK-based executives, Outward focuses on financial technology developers at late-seed to series A-stage. It has invested in payment technology provider Curve, digital banking software developer Bud and mobile bank Monese in recent months.
NIBC has also been active in the fintech space, its portfolio companies including business lending platform Iwoca, digital bank OakNorth and fintech company creator Finleap.
Nils Schaffner, UK-based head of fintech and structured finance for NIBC, said: “We are convinced that tech and fintech are poised to deliver the next generation of global category leaders.
“This unique initiative fits with NIBC’s entrepreneurial spirit and is a perfect opportunity to leverage NIBC’s existing fintech relationships and platform across the Benelux, Germany and the UK while engaging with promising ventures at an early stage.”
