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This firm has just raised £400m to invest in financial services businesses

Pollen Street Capital, the private equity firm which won sha..

Pollen Street Capital, the private equity firm which won shareholder approval to take over challenger bank Shawbrook last year, has raised a new £400m fund to invest in financial services businesses.

The firm's third fund, which was initially targeting £350m, has already spend 53 per cent of the total on deals including Shawbrook, direct lending business 1st Stop Group, and specialist insurance broker Miles Smith.

It is one of a number of private equity firms choosing to focus on the financial services space, as fintech – or financial technology – is booming. London-based peer AnaCap has been in the sphere since 2005, while Pollen Street is a relative newcomer having been founded in 2013 when Lindsey McMurray led a spin-out from Royal Bank of Scotland (RBS).

Read more: Victorious private equity consortium wins shareholder approval to take over Shawbrook bank

“We are fortunate to have a high-quality set of investors and we very much appreciate their support in making this a successful fundraising. We are committed to earning their continued support by maintaining a focus on value creation,” said Pollen Street Capital's head of fundraising Magnus Christensson.

Pollen Street focuses on lower mid-market business, which is still a thriving sector in the UK. A record amount of money was invested in UK startups last year – especially fintech firms, which should provide a significant pipeline of opportunities for companies such as Pollen Street further down the line. Meanwhile the UK helped to drive a record year of fintech mergers and acquisitions in 2017.

Read more: UK fintech VC investment hit a record in 2017 as China falls behind

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