Volution doubles down on booming UK fintech with new $100M fund

The U.K. fintech sector is on a bit of a roll. Allica Bank — a London-based fintech — recently announced it had doubled its profits in 2024, bringing in £29.9 million, while neobank Revolut announced a £1 billion profit in 2024. Companies of this nature continue to spring out of London, a city that has become a fintech global leader, not only because of its long financial heritage but also because it was a pioneer of open banking. There are now over 185 U.K. fintech startups valued over £1 billion, according to research from HSBC Innovation Banking. So it’s with that context that Volution, a U.K.-based VC investing in fintech, AI, and SaaS startups, has launched a new $100 million fund. Launched in partnership with Japanese VC investors, SBI Investment Co., this will be Volution’s second dedicated fund following its first, which came in at $30 million. Volution said a “significant number” of Volution’s existing LPs recommitted to the new fund. The firm said it would aim at companie ... Read full article.