VC fund Illuminate Financial raises from Leucadia, J.P Morgan, S&P Global, Deutsche Börse

Rick Steves

“Illuminate Financial has a tremendous track record in backing companies that identify and solve problems in financial services. This is a sector in which Jefferies has long had expertise and can bring critical insights.”

Illuminate Financial has entered a strategic partnership with Leucadia (the asset management division of Jefferies), J.P Morgan, S&P Global and Deutsche Börse Group, who will commit to invest in the “thesis-driven” venture capital investor’s strategy.

The venture capital firm was founded by veteran finance executive Mark Beeston and is operated with partners Alexander Ross and Rezso Szabo, with funds having been invested in more than 30 companies addressing core challenges across financial services including digital assets infrastructure, climate and ESG, data and private markets.

Leucadia can bring critical insights

Nick Daraviras and Sol Kumin, Co-Presidents of Leucadia Asset Management, said: “Illuminate Financial has a tremendous track record in backing companies that identify and solve problems in financial services. This is a sector in which Jefferies has long had expertise and can bring critical insights.”

David Hudson, Co-head of Digital & Platform Services, J.P. Morgan, commented: “Finding and partnering with nimble, innovative companies is a key tenet of our innovation strategy. Illuminate Financial is truly engrained in the financial start-up ecosystem. As an existing investor, we’re proud to be part of Illuminate Financial’s journey to foster innovative companies in wholesale financial markets.”

Sally Moore, Executive Vice President, Global Head Strategy, M&A and Partnerships, S&P Global, added: “We value our long-standing relationship with Illuminate who have provided us with insights across a spectrum of new innovation that’s helping to shape the financial services landscape. Connectivity with fintech participants is key to our partnership program strategy.”

Jörg Pietzner, Managing Director responsible for Group Strategy and M&A, Deutsche Börse Group, stated: “Our investment strategy is to foster innovation in strategic sectors around the capital markets. With Illuminate, we have built a strong relationship to be at the forefront of current fintech market developments.”

Mark Beeston, Founder of Illuminate Financial, concluded: “The commitments made by four industry leaders highlight how financial institutions are committed to backing and partnering with next generation startups as a key pillar of their technology strategies.”

Leucadia saved FXCM from doom in 2015

Leucadia famously took control of FXCM after the Swiss peg crisis in January 2015 which left the leading FX brokerage holding the bag.

Beginning in January 2015, through a series of transactions, Leucadia Investments became the majority economic owner of FXCM, which benefited from the scale and breadth of the Jefferies family of companies. Jefferies provides FXCM with prime brokerage services for FX trading.

Leucadia/Jefferies Managing Director, Jimmy Hallac, is the Chairman of FXCM Group, while Rich Handler and Brian Friedman, Jefferies’ CEO and President respectively, both sit on the FXCM Board of Directors. Our customers, employees and stakeholders benefit greatly from the Leucadia/Jefferies affiliation.

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