British Business Bank has put £17.5m into Passion Partners’ £45m second fund.
The investment is the 18th that the bank has made via its Enterprise Capital Funds programme.
Passion Capital’s Eileen Burbidge told City A.M. last night that she is very positive about the financial technology scene in London that Passion invests in.
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She said “I think the FinTech space, or financial services crossed with digital technology and internet based methodologies, is really strong for London. I don’t think there is any chance another hub can rival that.”
British Business Bank’s Ken Cooper said: “This is a great example of the way British Business Bank can work through its partner organisations to fill gaps in the funding market to provide real help to the UK’s smaller firms.”