Icap founder Michael Spencer has committed £25 million to a new £100 million fintech venture fund in the UK.
The fund, dubbed Element Ventures, has been set up by Michael McFadgen and Steve Gibson, two former members of Icap's Euclid Opportunities incubator, and former investment banker Spencer Lake.
Euclid Opportunities has past form in the fintech space, lending its backing over the past decade to firms such as Du.co, OpenGamma, Enso Financial, AcadiaSoft, OpenFin, Project X, Abide Financial, Cloud9, Digital Asset, Axoni, Rsrchxchange & Eris X.
The Element Ventures Website says: "Our mission is to back firms attacking large B2B verticals, using technology to deliver competitive advantage and run by outstanding founders with a deep understanding of the problem."
The £25 million punt is small change to Michael Spencer, who cashed out on a high after agreeing a £3.9bn deal to sell his Nex Group to the Chicago Mercantile Exchange.