An investment vehicle backed by Jacob Rothschild plans to plough up to £125million into financial technology firms.

Augmentum Capital, which was set up by entrepreneur Tim Levene, a former executive at online gambling firm Betfair and son of City grandee Lord Levene, will raise the money through a stock market listing in London.

A maximum of 125m shares in a newly created investment company called Augmentum Fintech will be sold to investors for £1 each.

Investment trust RIT Capital Partners, which is chaired by Lord Rothschild, 81, will pump in £10million while Augmentum management, including Levene, 44, will provide £2.7million.

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Augmentum Fintech plc conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust

Investors should seek independent financial advice before investing. The value of your investment can go down as well as up, so you could get back less that you invested.

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