13books Capital closes £121m fintech fund

London-based venture capital firm 13books Capital has raised £121m for a fund targeting European fintech startups.

The fintech fund will support investment rounds from seed to Series A, with amounts ranging from £1m to £7m.

The closure comes as venture capital investment in the UK has begun to show signs of recovery from the slow down over the last two years. In particular, financial technology has recovered well, becoming the UK best-funded technology segment once again in the first quarter of 2024.

“It is clear that European fintech entrepreneurs want an industry- and founder-focused venture capital platform that has impactful networks across the industry,” said Michael McFadgen, partner at 13books Capital.

“We believe that European fintech is entering a golden age and we thank our LPs and founders for their trust and look forward to supporting the next generation of pioneering fintech entrepreneurs.”

New limited partners who have supported the fund include British Patient Capitala subsidiary of the state-owned British Business Bank, which has committed £25m to the fund.

“As investors in the future of financial technology, we are investing in 13books Capital’s latest fund, as it aims to support the next wave of innovative fintech companies that will provide the technology the financial services industry needs,” said Christine Hockley, managing director of funds at British Patient Capital.

“The 13books Capital team has the experience and industry expertise to back bold founders and support early-stage fintech companies as they seek to scale.”

Other supporters include KfW Germany, Isomer Capital and IPGL.

13books Capital’s current fintech portfolio includes I grow, Run – formerly WeGift – and Tokens.io.

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