Illuminate Raises $235 Million for Fintech-Focused Venture Fund

UK venture capital firm Illuminate Financial raised $235 million for its third fund from investors including Bank of New York Mellon Corp. and Euroclear.

The fund — the London-based firm’s largest — will invest in startups that offer technology services to financial institutions, Illuminate said on Tuesday. Existing Illuminate strategic investors including JPMorgan Chase & Co., Barclays Plc and Jefferies Financial Group Inc. also put money in the new fund, according to Illuminate.

Illuminate was founded nine years ago by Mark Beeston, a former senior executive at TP ICAP Group Plc and Deutsche Bank AG, and ...