Google UK managing director Dan Cobley is quitting his job with the search giant to set up a fintech incubator and investment fund in partnership with Blenheim Chalcot and QED Investors.
Cobley, who was VP marketing Europe for Capital One before spending eight years at Google as head of European marketing and UK MD, will take on the role of CEO of the new entity, Brightbridge Capital.
The fund will have a £50 million war chest "to invest in and build businesses that promise to redefine how financial services are delivered through the smart use of internet technology". It will be based at Blenheim Calcot's Hammersmith offices and chaired by Capital One and QED Investments founder Nigel Morris.
Explaining his decision to quit Google and embark on a new career, Cobley says: "The decision to leave Google is a really tough one, and I will miss the place hugely. But I have always wanted to run my own thing, and having secured the support of such amazing backers there will never be a better time to make the leap."
The arrival of the new fund comes as governmental body UK Trade and Investment publishes independent research that suggests that the fintech market in payments, platforms, software and data analytics is worth £20 billion to the UK annually.
According to data from CB Insight, over the last five years, the value of fintech investment in the UK and Ireland increased nearly eightfold to $265 million in 2013.