Berlin-based fintech bunch has launched in the UK where it aims to benefit from the country’s extensive financial ecosystem and wealth of stakeholders.
Founded in 2021, bunch’s operating system is targeted towards private equity and venture capital funds. The system functions as a platform for investors to operate, administer and transact within private markets.
The firm has highlighted the UK as the ‘largest private market in Europe’, and hopes to hit the ground running and seize the various opportunities the country’s huge financial services sector poses to functechs. It has stated an ambition to challenge e long-standing providers like Aztec, Apex, IQEQ and Carta.
“With demand for private markets booming, legacy systems are no longer fit for purpose,” said Tomás Herrmann, bunch’s General Manager, UK.
“By building a world-class team and comprehensive tech infrastructure to meet the unique needs of this market, bunch empowers GPs and finance leaders to focus on strategy, not admin.”
Backing the company’s confidence is substantial data -bunch cites research indicating that over 1,500 private equity and venture capital funds are based in London, that over half the value of European private markets’ total assets under management are held in the UK.
With the global value of alternative assets projected to reach $38trn by 2028, bunch may be looking to use the UK and its prominence in international finance as a springboard for wider, worldwide growth.
The news may also come as a positive development for the British government which has been promoting the UK as ‘open for business’, in the words of Rachel Reeves, Chancellor of the Exchequer.
Both the current Labour government and its Conservative predecessor have been keen to see financial services, which already accounts for just under 9% of UK GDP, continue to innovate and drive further growth for the British economy.
The addition of bunch to the UK market follows launches and expansion plans from other fintech stakeholders. Affirm, a global BNPL provider, set up shop in the UK last month, whilst discussions have apparently been underway between the government and leading Brazilian firm Nubank.
