NEX Group founder Michael Spencer becomes major investor in Element Ventures’ new UK FinTech fund

Element Ventures is the name of a new fund aimed at supporting the UK’s FinTech industry. Now it has been revealed that Michael Spencer, founder of the NEX Group, has invested £25m into the new £100m fund.

He has invested through his investment vehicle, IPGL, according to City A.M..

Element Ventures will focus on startups developing technology to meet the challenges facing the banking and financial services industries.

Spencer, who served as the treasurer of the Conservative Party between 2006 and 2010, moving it from a deficit of £8m to a surplus of £75m.

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