International fintech-focused venture capital firm Life.SREDA has signed a memorandum of understanding with Leonie Hill Capital (LHC), a Singapore-based private equity fund, in a strategic bid to partner in financial technology investments in Asia.
LHC, a Registered Fund Management Company (RFMC) in Singapore, will become a strategic investor (limited partner) in Life.SREDA’s Asian FinTech fund, while Wee-Meng Thoo, Head of Investments at LHC, will be joining Life.SREDA team to be a part of fund management company, which already includes Vladislav Solodkiy and Igor Pesin.
Life.SREDA’s CEO and Managing Partner Vladislav Solodkiy said, “Life.SREDA, being a very focused and selective VC, is always looking for strategic partners among regional leaders, who can bring significant value through their local expertise and knowledge.”
“Leonie Hill Capital is one of the most experienced and successful players in the investment space in Asia. Combination of our deep global Fintech knowledge and expertise and their understanding and network on Asian market will make our team unique and very effective to make successful investments on the largest and fastest FinTech market in the world,” he added.
Arun Kant, CEO of Leonie Hill Capital said, “FinTech is definitely one of the most promising and perspective investment segments in Asia and Slava Solodkiy and his team are among the most experienced and knowledgeable people in this space. Our investment experience and capacities, coupled with their fintech background, will move the whole fintech ecosystem in Singapore to the new level.”
The investment amount can come up to several dozens of million US dollars while the total size of the fund is $100 million. The contract will be signed pending approval from the Monetary Authority of Singapore (MAS).
As partners, one of its first investment target will see both highlighting a newly formed fintech platform BAASIS which is technologically backed by Fidor, a German-based licensed digital bank, that will create a pan-Asia Bank-as-a-Service platform, headquartered in Singapore.
BAASIS will provide a core banking infrastructure for fintech startups and other non-banks in Asia and act as a middleware between traditional banks and fintech ecosystem. The investment will also strengthen a strategic role of Life.SREDA and LHC in boosting Fintech development in Asia and Singapore.
Life.SREDA, one of the first FinTech-only non-corporate venture capitalists in the world has more then 20 successful investments, which includes fintech brands like Simple, Moven, SumUp, Fidor, Anthemis, Lenddo etc.
LHC recently also invested in MyRepublic, an internet service provider and telco in Singapore, New Zealand, and Indonesia, which will become a synergetic partner to the Fund’s fintech portfolio.