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TECHCRUNCH

In a boost to late-stage funding for FinTech startups looking to scale-up without having to leave Europe, what claims to be the largest growth equity fund for Fintech in Europe launches today.

The Corviglia Capital Fund will be deployed from Luxembourg and has secured $250M as a first closing for its first three years of operations, with the aim being to raise a total of $500M.

The fund has been started by two former fund managers Petr Šmída and Cezary Smorszczewski, and is a geographically agnostic, long-term investor in late-stage fintech companies. It will make minority investments with tickets ranging from $10M to $50M.

Šmída said banking and financial services are being disrupted by FinTech startups, so they “decided to set up Corviglia Capital Fund to find those very entrepreneurs and invest in their growth.”

Šmída previously co-founded ENERN, an Eastern European/DACH venture capital firm which has invested in 20 tech companies via three different funds since its founding. Prior to that, he worked in banking. Smorszczewski has previously held senior positions at a number of major Polish banks.