Newly established FinTech-focused venture capital firm Motive Partners is launching with its first investment going to portfolio compression startup LMRKTS.
Motive has offices in London and New York and aims to invest in technology-enabled companies that power the financial services industry.
The firm claims its platform will enable it to invest, operate and innovate across the financial technology ecosystem.
It cites Goldman Sachs’ findings that $4.7 trillion in financial services annual revenue is at risk of displacement by new tech-based entrants to the space as a sign of the opportunity in the sector.
Motive is currently seeking fund according to a Form D SEC filing that says its is seeking to raise $150m.
Company managing partner Rob Heyvaert said: “We believe that financial services is in the middle of a perfect storm of change, driving towards a better customer experience, frictionless technology integration, new standards and most of all a ‘democratization of access’ to financial services around the world.
“These transformational forces will persistently present meaningful investment opportunities to sector specialists.
“Given the experience and knowledge of the team here at Motive Partners, we are uniquely positioned to capitalize on this opportunity in the market, with a clear focus on helping to solve the financial technology issues the sector faces.”
The size of the investment in LMRKTS is undisclosed.
The startups’ CEO Lucio Biase said: “We were fortunate to secure this investment from Motive Partners to anchor our Series A financing.
“Motive Partners and their founding partners have a diversified, unique perspective and strong track record in the FinTech space globally, having been on all sides of the FinTech equation for a very long time.”
The startups’ platform allows banks to reconcile their counterparty exposures through its’ platform, while its algorithms finds trades they may want to add or delete.
LMRKTS claims to have eliminated $430bn worth of foreign exchange notional exposures across five currencies for six banks in its first scaled commercial run in September last year.
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