Former RBC executives spin out IVP fintech fund

A group of former Royal Bank of Canada executives has launched its second Information Venture Partners (IVP) fund, raising $72.5 million of an anticipated $100 million to target promising financial technology (fintech) and enterprise software companies requiring series ‘A' funding of $2-4 million. Institutional investors that have signed on include HarbourVest Canada Growth Fund, Northleaf Venture Catalyst Fund, Teralys Capital Innovation Fund and D&H. Fund managers Robert Antoniades and David Unsworth were previously with RBC and launched IVP purchased the bank's portfolio of RBC Venture Partners before purchasing it and spinning it out. With its stable financial sector, Canada is seen as an ideal site for expansion into fintech. It's estimated that Canadian fintech companies have received more than $1 billion in investment since 2010. compared to $3 billion globally in 2013 alone....