Fiona Tee

We've raised $1.3B Balderton Capital in new funds across early and growth to continue supporting UK & European technology founders. This is the 8th(!) fundraise I've been part of and have shared some thoughts on why venture matters, how fundraising in Europe has changed and how we differentiate ourselves through conviction here: https://lnkd.in/e2XRcagq

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"Funding Collapse sends investment in start-ups to six year low" The Times today covering the shocking stats that VenturePath uncovered, with our partner Beauhurst. Great quotes from supporters Michael Moore CEO, BVCA and Julian David CEO, techUK. * UK VC funding at Series A is -44% from last year, and worsening * Q3 24 is down a staggering 57% from Q2, itself down from Q1 * 9 in 10 seed funded startups cannot access Series A VC funding, the next 'rung on the funding ladder' * Just 32 future scaleup companies across the whole of the UK were able to access their first VC funding round in Q3...a 6 year low * Half a billion less capital is going in to UK scaleups at Series A, than just 2 years ago! As the UK scaleup funding gap widens, we are losing ground against other countries, at both startup stage (a position the UK worked hard to achieve, since 2011), and for scaleup support. OECD data: 13th in the world for scaleup support, and that's before Series A funding access dried up. I get that its confusing. Another report (BBB, Nations & Regions) released this week spoke of positive trends in private investment, stating "The data for Q2 2024 shows that investment value has continued to grow". Great, I love to see optimistic data. But under analysis that bundles venture with private equity (later stage), where a few megadeals skew the numbers. Otherwise the exact opposite is true. Our independent research here, for the UK ScaleUp Investment Mission, is laser beam focussed on Series A. The funding round where companies move from the c.1m startups launched each year, through the 2,179 that access seed funding, into the rarefied category of being recognised as future scaleups, attracting Series A funding (£2-10m). The UK venture landscape is currently funding just 248 pa of these companies, and declining. We've been sharing this urgent call for support with the new Government since the day after the election. I've personally met with several Ministers, and spoke to all the relevant Government departments. I will shamelessly repeat loudly what is at stake. UK scaleup funding at Series A has nearly halved in a year, and continues to decline steeply, more than halving in the last quarter. VenturePath developed The UK ScaleUp Investment Mission to convene the scaleup support ecosystem and £7bn of funders to help address this problem, to improve nationwide access to VC investment, and create more venture-backed successes. We have clear support, clear recommendations to reverse this decline in UK scaleup investment, and have made a clear ask of Government for participation in this, to ensure immediate action is taken to create the conditions for success for UK scaleups, ensuring the focus on growth isn't undermined by lack of capital, or equitable access to it. Government decision makers, we'd love your interest, to progress to action. HM Treasury: Rt Hon Rachel Reeves Spencer Livermore James Murray & CC Poppy Gustafsson (welcome to the debate).

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Has the killer app for Open Banking just got one step closer? The Payment Systems Regulator has just announced plans to expand Variable Recurring Payments (VRPs). VRP's have long been touted as the successor to the UK's incredibly successful Direct Debit payments, however their rollout has been met with a number of challenges. We're not there yet but this statement from the PSR is very encouraging. 1️⃣ Beyond Sweeping: We've moving from "me-to-me" payments to using VRP for recurring payments for utilities, government services, and subscriptions. 2️⃣ Widening Participation: The mandation of participation for the 9 largest banks and building societies in the intiial rolloutof Open Banking was crucial to getting the ball rolling. Many non-mandated FIs quickly followed suit but the PSR is supportive of widening the mandate to ensure broad adoption. 3️⃣ Pricing Models Under Scrutiny: The debate on API access pricing continues. Will we see a centralised approach, or will the market decide? 4️⃣ Liability and Consumer Protection: The industry is still grappling with these issues. The PSR's approach here could make or break VRP adoption. The real-time nature of OB VRP's will open new fraud vectors for scammers to exploit. 5️⃣ User Experience is Key: Remember, over 65% of users abandon complex checkouts and this has been a barrier to adoption of existing OB payments. VRPs promise simplicity - but can they deliver? As the payments landscape evolves, staying ahead of these changes and their implications is crucial for managing risks and seizing opportunities. https://lnkd.in/eDkbpjx9

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🏦 This news has been a long time coming. We've been working hard to expand Ryft's partnerships to banks and financial institutions and our partnership with Clearhaus is a big step towards that. Our partners are now able to compete with the likes of Stripe Connect and Adyen for Marketplaces without the huge up front investments. By leveraging Ryft's infrastructure, they can empower their digital platforms to transition from #SAAS to #fintechs. We are proud to be working with Clearhaus, one of Europe's best acquiring banks. If you want to find out more, ping me or one of the team a message! #fintech #embeddedpayments #marketplaces

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ANNOUNCEMENT: We just launched our diversified fund investments feature on Mainshares 😲 Starting today, accredited investors can invest in SMB acquisitions managed by sophisticated investors via Mainshares I’ve been telling you all that we’re here to change the game of SMB investing for the better, and this is a huge step for us. Before, SMB investing was commonly done on a deal-by-deal basis, and depending on who you are, you may not have the time to spend parsing out every deal. Well now, investors on our platform have access to deals across a variety of industries, geographies, and deal structures in this (traditionally) inaccessible and fragmented asset class. Invest in ~20 SMBs, all with a single investment. Join the Mainshares train before we take off like a 🚀 Link below for diversified SMB investing 👇

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🌟 Monzo vs. Monese: Which Neobank Fits Your Banking Style? 🌟 Monzo and Monese are both popular neobanks offering distinct features and services. Our detailed comparison delves into how these two platforms differ in terms of functionality, user experience, and value. Whether you’re looking for comprehensive financial tools, flexible account options, or seamless international transactions, our analysis will help you determine which neobank aligns best with your needs. 👉 Explore our full comparison to find out which neobank is right for you: https://lnkd.in/dieSbwdY #Neobank #Monzo #Monese #DigitalBanking #PersonalFinance #BankingComparison #WhatNeoBank

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📖 Weekend Reading 📖 1️⃣ Simon Taylor recently started a new podcast where he interviews fintech founders. The first trio is now out, highlighting the founders of Ramp (Eric Glyman), Brex (Pedro Franceschi), and Arc (Don Muir). I learned something new from each, and I feel like I have a better sense now of where they seek to differentiate. (sharing the first here) https://lnkd.in/dF__4imY One of the things Ramp and Brex have become particularly well known for is of course spend management. And conveniently, Alex Johnson has a great overview of the category. https://lnkd.in/dswwC7nY Bonus: Simon also wrote about the complexities of ledger reconciliations, worth a read if you’re following the Synapse debacle. https://lnkd.in/dAwz2WGj 2️⃣ Alex Telford has a long piece on the origins of the lab mouse. Definitely new territory for me, but a very interesting example of random contingencies and path dependence leading to outsized impact on how we do research in medicine today. It would never have occurred to me to even question the use of mice, and a particular species of mice at that, for medical research—but once you start asking these (very valid) questions, you start to wonder how pervasive this is across the scientific process. https://lnkd.in/dmxPt6Sh 3️⃣ Thanks to Byrne Hobart, CFA I’ve discovered Bret Devereaux’s writing, and this time it’s a fantastic two-part series on Alexander the Great, exploring the question of his “greatness.” This is a real treasure trove, and Bret goes into quite a bit of detail, first on the sources we have available (which I really enjoyed, and wish others would emulate), then on his track record as a general, king, and man. As is often the case, it’s a nuanced picture.   Part 1: https://lnkd.in/dF7ZjKiw 4️⃣ Finally, Li Jin wrote a thoughtful piece on the limitations of the systems that marketplaces are built on, and crypto’s potential to enable new types of marketplaces to emerge. I like this framework of scaling (via token incentives), portable (and immutable) reputation, and payments as key crypto pillars for marketplaces. In practice, there are still significant barriers with regards to the first 2 (lack of regulatory clarity around tokens, incumbents simply not wanting to make data portable, and KYC/AML regulations). Payments, however, is ripe for disruption, and that’s exactly why we’re focusing on global marketplace payments at Walapay. https://lnkd.in/d2UF_Djc #fintech #ledger #baas #spendmanagement #ramp #brex #synapse #marketplace #crypto #alexanderthegreat #payments

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In the evolving landscape of digital payments, terms like Pay by Bank, Pay by Account, and A2A Payments are gaining traction as consumers increasingly prefer using their own funds. The surge in debit card usage over the last decade highlights this trend, and innovations such as PayTo and PayID signal a new era of payment possibilities. While these emerging tools may not yet fully replace traditional credit or debit card transactions, they represent a significant step forward. As we continue to innovate, companies like Zepto are at the forefront, unlocking real-time transaction capabilities that benefit both merchants and consumers.

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I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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Why card rails still play an important role in driving Payments globally.

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There is less than a week to go until the launch of our highly-anticipated, forward-looking, @IMP Software MAT Finance Insight Report 2024. Join the waitlist now to guarantee immediate access, to never seen before insights, at launch on the 7th of November. The report draws data from 250+ MATs, highlighting: 📈 The sector’s financial trajectory and reserve levels 👩‍🏫 The impact of the teacher pay award and related grants 🏫 How primary and secondary trusts in surplus manage resources 🪙 The effect of deprivation on financial sustainability Join the waitlist: https://lnkd.in/gqgKgcvi

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I had a great time at Lendscape's Connect launch, what a fantastic event! Of course any time you get together with leaders in an industry, your head is filled with ideas and optimism, here are my key takeaways: 🤝 Focusing on client needs - the industry relies on businesses doing business. We need to enable growth and support for all types and sizes of companies, but more importantly understanding how they operate through their data to ensure product fit. #financialdata 💖 People want to work in the industry - there is passion and enjoyment everywhere you look across invoice finance colleagues but we must remove the mundane and frustrating parts of the job, and that is through enabling digital automation where it works. #relationshipbanking 💵 Investing in change has never been easier - too often we talk of slow and delayed digital investment which we know means costly! However the digital ecosystem of great SaaS providers means value can be achieved almost immediately without the cost of teams of project resource. Dare I say Plug-and Play? #openecosystem Validis #wegetdata

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Take a look at independent research we've just published on B2B SaaS adoption of embedded finance. See why embedded finance has moved up the priority list for the SaaS industry. Here's one finding: 74% of UK-based B2B SaaS product managers have included built-in payment wallets on their roadmaps - seeing this feature as a standout competitive advantage. Explore the full research report to understand how embedded finance can drive your product strategy forward. 🔗 https://lnkd.in/e9ZTvwrD I'd like to to thank Neira Jones, Sam Boboev, Monica Millares 🎙️, Lars Markull, Lisa Moyle, Maria Stellini, and Shaul David who all contributed valuable perspectives and insights. #Weavr #EmbeddedFinance #SaaS #B2B #Research

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Want to know what's about to happen in retail? Then look at what's happening right now in payments. That was just one of the themes in my recent conversation with Marc-Henri Desportes, CEO Worldline and Richard Straver, founder of Online Payment Platform. It's well worth a listen if you're looking for what's just over the horizon. https://lnkd.in/ehc7ntPg

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See you all there #founders #investors #tech #innovation #startups #scaleups Where all my worlds collide #togetherwegrow Tech London Advocates & Global Tech Advocates

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FinTech valuations are rising at a faster pace than other investment verticals. Historically, in the last 4 years, FinTech has had, on average, slightly higher valuations than other industries. This peaked firstly in 2021/22 when record funding was being injected into the startup landscape. This record funding paired with the good timing of increased digital adoption during COVID-19 (contactless payments, increased online transactions, etc) and the surge of SPACs during that time saw many FinTech companies go public through that route. The success of Buy Now, Pay Later (BNPL) and NeoBanks also helped to increase confidence in FinTech companies increase their valuations as outlook for the digital finance market looked positive on the medium to long term. Source: Pitchbook, deelscoop

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techUK recently asked me to share views on #scaleup #investment challenges, which are condensed into a 3 minute blog post below. Hopefully an interesting read for UK tech entrepreneurs, VCs and policy makers... The opportunity to improve the landscape is clear. 🇬🇧

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