Augmentum Fintech
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Augmentum Fintech (LSE:AUGM) is the UK's only publicly listed fintech fund. Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum launched on the main market of the London Stock Exchange in 2018[1], giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
Notable investments include interactive investor, Cushon, Tide, Zopa, iwoca and Monese.
History
The company was originally founded in 2010[2] as a traditional GP/LP venture capital fund (Augmentum Capital LLP), with the backing of Rothschild firm RIT Capital Partners.
In March 2018, Augmentum Fintech plc listed on the main market of the London Stock Exchange[3], in doing so becoming the UK’s only publicly listed fintech investment company.
Notable Investments
interactive investor (Augmentum first invested in 2014[4], exited 2022[5])
The UK’s leading flat-fee investment platform[6]. The business provides execution-only products and services to facilitate trading and investing in shares, funds, exchange traded funds and investment trusts for a flat monthly fee. Acquired by abrdn in 2023 for £1.5bn[7].
Zopa (Augmentum first invested in 2012[8])
The UK-based first peer-to-peer (P2P) lending company turned digital bank. The company has a full UK banking license and has launched a range of innovative products such as fixed-term savings accounts, credit cards, and a money management product. In 2022, Zopa entered the Buy Now Pay Later sector and achieved profitability[9]. In 2023, Zopa reached a £3 billion deposit milestone and raised £75 million in funding[10]
Tide (Augmentum first invested in 2018[11])
Tide is a business banking service provider that offers a suite of digital banking services for SMEs, including instant account setup, automated accounting, and credit access. They are the eighth largest provider of banking services to UK SMEs and acquired Funding Options in 2022[12]. Tide also expanded to India in December 2022[13]
Monese (Augmentum first invested in 2018[14])
Monese is a pan-European mobile banking service that provides localised current accounts for people who live, work, or study in different countries. It offers multi-currency accounts and is available in 31 countries with customer support in 14 languages. Monese has over 2.5 million users, with a majority of incoming funds from the UK via salary payments.
Grover (Augmentum first invested in 2019[15])
Grover is a subscription-based service for consumer electronics, offering flexible rental periods starting from one month.[16]. It allows private and business customers to rent and return technology products, contributing to a circular economy. Grover operates in Germany, Spain, Netherlands, Austria and the US[16].
Notable Exits
interactive investor acquisition by abrdn, the FTSE 100 asset manager, for £1.5bn in 2022[17]. Augmentum received £42.8m from the exit, generating an 11x return[18].
Cushon acquired by NatWest Group, the FTSE 100 banking and financial services group, in 2023[19]. Augmentum led Cushon’s Series A fundraising in June 2021 with an initial investment of £5 million[20] and since that date the Company invested a further £5.8 million[19]. Augmentum received proceeds of £22.8 million from the completion of the acquisition, representing a 46.2% uplift on the unaudited 30 September 2022 holding value of £15.6 million, an IRR of 61.7% and cash multiple of 2.1x on cost[19].
Team
Augmentum Fintech plc is managed by Augmentum Fintech Management Ltd[21], led by Tim Levene and Richard Matthews from their London headquarters.
- ↑ "Augmentum Fintech raises £94m in IPO". Finextra Research. 2018-03-12. Retrieved 2023-06-08.
- ↑ "AUGMENTUM CAPITAL LLP overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2023-06-08.
- ↑ Ram, Aliya (2018-01-30). "Augmentum Capital to seek public listing to back fintech start-ups". Financial Times. Retrieved 2023-06-08.
- ↑ "Series C - Interactive Investor - 2014-01-14 - Crunchbase Funding Round Profile". Crunchbase. Retrieved 2023-06-08.
- ↑ "IR Solutions, Q4 Europe". ir.q4europe.com. Retrieved 2023-06-08.
- ↑ "Choosing ii for your investing needs - interactive investor". www.ii.co.uk. Retrieved 2023-06-08.
- ↑ "abrdn completes £1.5 billion takeover of interactive investor in landmark transaction". www.taylorwessing.com. 2022-06-14. Retrieved 2023-06-27.
- ↑ O'Hear, Steve (2012-12-10). "As UK Gov Eyes Up Regulation, P2P Lender Zopa Raises "Multi-Million Pound" Round Led By Augmentum Capital". TechCrunch. Retrieved 2023-06-08.
- ↑ "Zopa hits profitability 21 months after winning banking licence". AltFi. Retrieved 2023-06-08.
- ↑ "Zopa raises £75 million". www.zopa.com. Retrieved 2023-06-08.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Augmentum makes three new investments". QuotedData. 2018-08-20. Retrieved 2023-06-08.
- ↑ "Exclusive: Tide scoops up Funding Options in its first acquisition". AltFi. Retrieved 2023-06-08.
- ↑ "Tide officially launches app and Business Account in India". AltFi. Retrieved 2023-06-08.
- ↑ "Augmentum Fintech buys Monese stake". QuotedData. 2018-09-10. Retrieved 2023-06-08.
- ↑ "Grover gets €41 million to take tech rental global". Tech.eu. 2019-10-01. Retrieved 2023-06-08.
- ↑ 16.0 16.1 "So Funktioniert's". www.grover.com. Retrieved 2023-06-08.
- ↑ Lumsden, Gavin (4 July 2022). "Augmentum Fintech leaps 12% on cash boost from Interactive". citywire.com. Retrieved 2023-06-08.
{{cite web}}: CS1 maint: url-status (link) - ↑ "IR Solutions, Q4 Europe". ir.q4europe.com. Retrieved 2023-06-08.
- ↑ 19.0 19.1 19.2 "IR Solutions, Q4 Europe". ir.q4europe.com. Retrieved 2023-06-08.
- ↑ Marzook, Safiya (20 January 2022). "Cushon Group secures £35 million Series A Follow On investment from investors including Augmentum Fintech". UK Tech Investment News. Retrieved 27 June 2023.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Augmentum Team – Augmentum". Retrieved 2023-06-08.
References
External links
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