Firenze, a fintech company based in Manchester, has successfully raised £2.5 million in a Seed funding round led by Outward VC, which has also backed Curve, PrimaryBid, and Vauban.
The funding round attracted notable fintech investors such as Portfolio Ventures and Form Ventures, along with contributions from current and new investors, including Lord Fink, the founder of Man Group.
Under the leadership of former TSB CEO Paul Pester, Firenze aims to make Lombard lending accessible to mass affluent investors with assets under £1 million. The startup plans to facilitate over £1 billion in lending over the next three years.
Firenze allows mass affluent investors and those preferring to avoid private banks to borrow against the value of their investment portfolios without liquidating assets, thereby preserving investment strategies and avoiding capital gains implications.
The platform provides loans starting from £65,000, secured against clients’ investment portfolios. Its proprietary technology seamlessly integrates into independent financial advisors’ processes, automating underwriting and monitoring to offer instant loan approvals and same-day funding, all while ensuring clients retain complete custody of their assets.
Firenze has already partnered with wealth managers who collectively manage about £75 billion in assets and recently secured a £160 million funding line with Monument Bank.
David Newman, CEO of Firenze, stated, “Market demand has far exceeded our expectations, and this funding enables us to accelerate Firenze’s rollout to more wealth managers, support their advisors, and drive awareness of the benefits of Lombard lending.”