U.S. based growth investor, Motive Partners, recently opened their European hub in Canary Wharf, London as they see the market as one of the epicenters of financial services; this is the latest sign that London has not lost their attractiveness since Brexit; a few additional reasons for being a destination include experience with the new open banking regulations and the Financial Conduct Authority (FCA) has been very supportive of fintech. Source.
Motive Partners is launching a new venture capital fund this week at the World Economic Forum in Davos; Motive Partners plans to raise $150 million for the fund which will invest in fintech; LMRKTS will be one of the firm's first investments; LMRKTS is supported by ex-US Treasury Secretary Larry Summers and is focused on technology for managing foreign exchange transaction costs. Source
Andy Stewart, managing partner at Motive Partners, says fintechs are overvalued in the current market environment; speaking at the UK International Fintech event in London, Stewart says the over valuations are a result of success in the market and confidence from venture capital investors; Stewart cautions investors to watch for buzzwords including machine learning or blockchain that can enhance the value proposition of the solution but may be overvaluing a company's value overall; Stewart's Motive Partners launched in 2017 and is seeking to raise $1 billion. Source