Ex-HSBC and Microsoft chairs join fintech council

News


06 Dec, 2017

Ex-HSBC and Microsoft chairs join fintech council

Former HSBC chairman Douglas Flint, US Treasury Secretary Larry Summers, and Microsoft chairman John Thompson are among those to join the global advisory council of Motive Partners, a fintech investment vehicle set up by veterans of the global fintech industry.

The company was established by heavy hitters in the fintech scene, including Rob Heyvaert, founder and CEO at Capco, Stephen Daffron, previously CEO at Interactive Data Corporation and global head of technology & operations at Morgan Stanley, Michael Hayford, ex of FIS and Metavante, and Innovate Finance chair Alastair Lukies.

The new project, which has secured the backing of Warburg Pincus, says it plans to "invest, operate and innovate" across the financial technology ecosystem in London and New York. Earlier this year, the firm officially filed that it was raising $150 million, although it is rumoured to be seeking more than $1 billion. In January it made its first deal, investing $7 million in FX compression outfit LMRKTS.

It has now put together an impressive council to advise its portfolio companies on strategic guidance in the financial technology scene. Alongside Flint, Summers and Thompson are Rosemary Leith, founding director of the World Wide Web Foundation; Peter Leukert, group CIO at Deutsche Telekom; James Neary, MD of Warburg Pincus; Henry Ritchotte, former COO of Deutsche Bank; Romesh Wadhwani, CEO of Symphony Technology Group; and Paul Walker, former co-head of technology at Goldman Sachs.

Summers said: "The stability and performance of the global economy is dependent on the development of the financial system, and in particular, the impact of technological innovation. Motive Partners has formed a team with experience across financial services, technology, academia and government that wants to help transformative companies make the financial system more effective for society."

The founder of the company, Rob Heyvaert, added: "The financial services industry is undergoing a perfect storm of change, with technology at its core. We are very excited to welcome this group of exceptional members to help Motive Partners empower financial technology businesses to accelerate their transformative impact on the industry by providing capital, expertise and connectivity."

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