Illuminate Financial Acquires Investment from Citi

Illuminate Financial, the “thesis-driven” venture capital investor dedicated to early-stage FinTech and enterprise software companies, recently announced a strategic relationship with Citi (NYSE: C).

Citi joins existing investors Jefferies, J.P. Morgan, Deutsche Börse Group and S&P Global “as a limited partner in Illuminate Financial’s venture capital strategy.”

Together, this investor group “represents a unique combination of global financial institutions, which will further extend Illuminate Financial’s deep domain expertise and industry network.”

To date, Citi has “co-invested in eight of Illuminate’s portfolio companies – Arteria AI, TransFicc, CloudMargin, Privitar, Genesis Global, Talos, Cosaic and Blockdaemon.”

Founded by veteran finance executive Mark Beeston and operated with partners Alexander Ross and Rezso Szabo, Illuminate Financial has “invested in more than 30 companies addressing core challenges across financial services including digital assets infrastructure, climate and ESG, data and private markets, as well as broader enterprise solutions that target the sector.”

Sandeep Arora, Head of Digital and Chief Investment Officer of Citi’s Institutional Clients Group, said:

“Citi has a strong track-record of partnering with FinTechs to build digital solutions for our clients and believe this strategic investment will provide earlier visibility into new technologies and complement our direct investing program.” 

Mark Beeston, Founder and Managing Partner of Illuminate Financial, said:

“Citi has been an aggressive adopter of the innovative solutions offered by FinTechs and an active direct investor in 25% of our portfolio companies since we launched Illuminate’s first fund in 2015. We are delighted to now add Citi to our roster of strategic investors, helping further catalyse enterprise FinTech adoption to the benefit of the whole eco-system.”

As noted in the update, Illuminate Financial Management is “a thesis-driven venture capital firm focused on FinTech and enterprise software companies defining the future of financial services with offices in London, New York, and Singapore.”

Illuminate’s deep networks and trusted partnerships “with key industry participants provide real insight into what the industry needs and helps their portfolio companies achieve their full potential.”

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