City supremo Rich Ricci is racing into fintech joining FreemarketFX as chairman

Lynsey Barber
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Rich Ricci returns to finance with a technology twist (Source: Getty)

City supremo Rich Ricci, the former long-standing boss of Barclays' investment banking, is jumping on board the fintech revolution.

The horse racing fan and former right-hand man of Bob Diamond will join the p2p currency exchange platform FreemarketFX, founded by former senior executive at Credit Suisse and Deutsche Bank Alex Hunn, as non-executive chairman

He has also invested an undisclosed sum in the company.

It's the latest investment for Ricci in the fintech space in which he has taken an interest and could invest in further. In January bet on online bookies BetBright with an undisclosed investment, also becoming executive chairman.

"Well applied technology in the financial sector is bringing significant benefits to individuals and businesses. FreemarketFX has developed a robust and secure currency exchange business, allowing its technological benefits to be applied to this sector and significantly reduce transaction costs for the benefit of its customers," said Ricci.

After leaving Barclays in 2013 after almost two decades with the bank, Ricci has also backed a challenger equity trading exchange set up in 2014, Aquis Exchange.