Firenze Secures £750,000 to Transform Fintech Lending
In a groundbreaking move poised to reshape the fintech landscape, Firenze, a Manchester-based startup, has successfully secured £750,000 in a pre-seed angel funding round, achieving a valuation of £3.75 million. Founded this January by visionaries David Newman and Anna Curtis, Firenze is on a mission to democratize access to Lombard loans—financial products that have traditionally been reserved for the affluent. By offering an embedded finance platform, Firenze enables wealth managers to extend these loans against clients' investments, starting from as little as £25,000. This initiative not only opens doors for a broader swath of borrowers but also equips wealth managers with powerful tools to attract and retain assets under management (AUM).
What sets Firenze's funding endeavor apart? Its pre-seed round is highlighted as one of the largest raises in the past 18 months, especially notable for being outside of London's financial epicenter.
The round was oversubscribed, drawing the attention and investment from top-tier VC scout funds including a16z, Atomico, Ada Ventures, and Lakestar. Additionally, prominent fintech moguls like Amir Nooriala and Charlie Delingpole, alongside seasoned investors from the Ontario Teachers Pension Plan and IPGL, have all recognized the transformative potential of Firenze. According to Anna Curtis, co-founder, “We’re humbled by the calibre of investors who have chosen to back us at this pivotal stage of the journey. It’s a testament to the clear need for our solution in the market.”
With this vital funding secured, Firenze is set to accelerate its growth trajectory. The capital will facilitate the expansion of their team and enable the onboarding of the first wealth managers and financial platforms to their innovative lending solution. The founders, David Newman and Anna Curtis, bring an impressive array of experience from their previous ventures, with Newman having led Delio to a $50 million valuation. With their combined expertise and now robust financial backing, Firenze is primed to redefine how Lombard lending is utilized across the financial sector, ultimately making this exclusive service accessible for all—not just the elite.
Key Terms Explained
- Pre-Seed Angel Funding Round
- This is an initial round of investment, typically provided by individual investors (angels), to help a startup further develop its idea or product before it officially launches to the market.
- Lombard Loans
- Lombard loans are a type of loan provided by financial institutions where the borrower offers their investment portfolio as collateral. Traditional Lombard lending is often reserved for high-net-worth individuals.
- Assets Under Management (AUM)
- Assets under Management (AUM) refers to the total market value of the investments a financial institution, such as a bank, mutual fund, or wealth manager, handles for its clients.
Frequently Asked Questions
- How much funding did Firenze secure in its pre-seed angel funding round?-Firenze secured £750,000 in its pre-seed angel funding round.
- What are Firenze's plans for the acquired investment?+
- Who were some of the investors in Firenze's pre-seed funding round?+
- What is the mission of Firenze?+
- What is the uniqueness of Firenze's funding round?+
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