Motive Partners, a fintech investment vehicle backed by veterans of the global financial technology industry, has made its first deal, investing $7 million in FX compression outfit LMRKTS.
Motive Partners has an illustrious roster of big hitters onboard, including Rob Heyvaert, founder and CEO at Capco, Stephen Daffron, previously CEO at Interactive Data Corporation and global head of technology & operations at Morgan Stanleys, Michael Hayford, ex of FIS and Metavante, and Innovate Finance chair Alastair Lukies.
The new venture, which has secured the backing of Warburg Pincus, says it plans to "invest, operate and innovate" across the financial technology ecosystem in London and New York. Earlier this month the firm filed a Form D with the SEC noting that it was raising $150 million.
Says Heyvaert: “We believe that financial services is in the middle of a perfect storm of change, driving towards a better customer experience, frictionless technology integration, new standards and most of all a ‘democratisation of access’ to financial services around the world. These transformational forces will persistently present meaningful investment opportunities to sector specialists. Given the experience and knowledge of the team here at Motive Partners, we are uniquely positioned to capitalise on this opportunity in the market."
LMRKTS, a US-based firm which names former US Treasury Secretary Larry Summers as a member of its advisory board, is competing in the same market as TriOptima, removing redundant derivatives trades from the balance sheets of Wall Street counterparties. The firm is understood to be looking for a total funding round of $14 million to bolster its business as it moves into other asset classes.