Singapore's Infocomm Investments is looking to tap into London's booming fintech scene with the opening of a new office in the capital and an undisclosed investment in accelerator Startupbootcamp FinTech.
Infocomm, which is backed by the Singapore government, is opening up its $200 million fund to European companies for the first time. The London office is only the firm's second overseas outpost, after Silicon Valley.
The investment ins Startupbootcamp is seen as a way of getting in one the ground floor with European startups with the potential to expand and tap into Asian markets. The accelerator will also bring its experience to bear in launching a similar programme in Singapore.
Infocomm chairman Steve Leonard says: "Because Singapore is a strong startup hub in Asia, we want to bring our great startups to London. Singapore and London are natural partners, and we see London as our gateway into Europe, and we want London to see Singapore as the best gateway to the booming Asian markets."
From its London office, Infocomm says it plans to invest between $1 million and $5 million in startups emerging from Europe.
Zach Tan, who will head Infocomm’s London operations, says: “London's stock continues to rise as a global technology hub, and is home to high-growth, high-tech businesses ready for global scale. London is Europe's leading finance market and its tech sector is following suit.”