back Back

Billion Group secures £2mn investment from Future Fund scheme

By 8

August 24, 2020

Share

UK-based Billion Group Ltd, recently, completed its £2 million investment supported by the Future Fund scheme. The company secured investment commitments from angel investors and VCs of £1 million matched by the UK government through the British Business Bank for an additional £1 million. As part of the agreement, Billon can attract additional private investments for up to £500,000 by the end of October 2020, with all investments in the form of convertible loan notes.

The Future Fund Scheme is available to emerging UK tech businesses during the pandemic. It was established by the UK government in a bid to support startups and companies affected by COVID-19. The fund, until now, has invested a total of £320 million in 320 companies. The funding program requires private sector investment with the contribution of the government on a match-funded basis.

Wojtek Kostrzewa, CEO Billon Group, commented, “The Future Fund agreement allows Billon to stay focused on helping clients pursue digital transformation and new business models for a world changed by the pandemic. I am very grateful to our investors and the Future Fund for an immediate and positive response at the height of this crisis.”

Billion, the British-Polish FinTech, has recently raised around $13 million of equity from investors, including the recent close of its Series A. The company has also received an additional $6 million in R&D grants from programs such as EU Horizon 2020 (now rebranded as EIC Accelerator), the Polish National Centre for Research and Development, and Innovate UK.

Anand Phanse, CFO Billon Group, added, “This new funding in 2020 will support the next phase of Billon’s development, and represents an endorsement that investors seek pure distributed ledger technology companies that are better suited for solving national currency and personal data challenges than certain early blockchain architectures. The pandemic will open new opportunities for innovative companies like Billon.”

Previous Article

August 24, 2020

Singtel and Amazon Web Services tapped by Singapore-based Network for Electronic Transfers (NETS)

Read More
Next Article

August 24, 2020

iwoca raises capital via Future Fund scheme to boost SME lending offering

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 29, 2024

Afin Bank and Thought Machine launch digital bank for Africans in the UK

Read More

October 22, 2024

Tuum partners with Google Cloud to deliver core banking in EMEA

Read More

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More