Firenze, a Manchester-based fintech has raised £750K at a valuation of £3.75 million in a pre-seed angel round. The investment will be used to accelerate its mission to democratise access to Lombard lending. It will allow Firenze to continue its team growth and start onboarding the first wealth managers and platforms.
Stellar lineup of investors
Firenze’s oversubscribed funding round is one of the largest pre-seed angel raises to close in the last 18 months. Also, it is said to be the largest pre-seed round outside London. It saw participation from notable investors, including the scout funds of top-tier VCs such as a16z, Atomico, Ada Ventures, and Lakestar.
Leading fintech super-angels and operators such as Amir Nooriala (Oak North), Charlie Delingpole (Comply Advantage), Felix Leuschner (Drover), Keith Grose (Plaid), Michele Attisani (Faceit), Ricky Knox (Tandem), Seth Johnson (ICAP/NEX), Steve Lemon (Currencycloud), Andi Kazeroonian (Outward VC), Ara Yeromian (Ontario Teachers Pension Plan), Kaysan Nikkah (Edinvest Family Office) and Neer Nagda, and Oliver Blom (both IPGL).
It also saw participation from industry executives, including senior figures at Rothschild, Julius Baer, Schroders, and Cazenove.
Lombard loans accessible to all
Launched in January this year by co-founders David Newman and Anna Curtis, Firenze provides an embedded finance platform that allows wealth managers to offer loans secured against investments to their clients from as little as £25k. Known as Lombard loans, these have been available only to clients of private banks who have a minimum of £1 million of investments.
Firenze is helping a broader range of borrowers access this efficient liquidity solution typically reserved for the wealthy as well as helping wealth managers, investment platforms & financial advisors attract and retain AUM.
Anna Curtis, co-founder of Firenze said: “We’re humbled by the calibre of investors who have chosen to back us at this pivotal stage of the journey. It is a testament to the clear need for our solution in the market, with many of our investors intimately familiar with the value of opening up Lombard lending. We look forward to using this raise to propel our vision forward.”
