A consortium of 20 UK-based pension funds, asset managers and asset owners is set to invest in the country's fintech sector.
According to an announcement from the UK government, the consortium, known as the Sterling 20, will invest billions in a range of sectors such as housing, infrastructure and financial services.
Among the entities involved are Aon, Aviva, L&G, Mercer, WTW, M&G, Pension Protection Fund, Nest Corporation and Universities Superannuation Scheme.
The initiative was announced at the Regional Investment Summit in Birmingham, UK.
"Every decision we make puts our members and their long-term outcomes first," said Ian Cornelius, CEO of Nest. "We believe private assets can play a key role in delivering strong, consistent returns for them."
The initiative comes on the back of the Mansion House Accord, which was signed in May and will see £50bn of collective funds invested in UK businesses and infrastructure.
It also follows calls from various fintech leaders for more government support for the sector.
Janine Hart, chief executive of Innovate Finance, the trade body for UK fintechs, said: “Fintech is a huge driver of growth, but in order for the full power of our sector to be unlocked and help benefit this community and our entire economy, we need government and we need regulators to get behind us as well and support this sector."