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Fintech

Former HSBC banker Lake readies £125m fintech fund

Element Ventures has received early backing worth £40m from City grandee Michael Spencer

City heavyweights including the former vice-chair of global banking and markets at HSBC are hoping to raise as much as £125m for a fund investing in new financial technologies.

Spencer Lake, who left the bank in 2016, has teamed up with former executives from Nex Opportunities, the technology investment firm that is part of CME Group, the exchange operator, to launch the venture.

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