UK fintech group R8 raises $5m

R8 Limited, a UK FinTech group, has raised in excess of $5 million in an oversubscribed fundraising round.

The funding will be used to facilitate the group’s expansion and the development of its subsidiary companies, as well as seek a listing on the London Stock Exchange.

R8, which was divested out of the Redwood Bank Group in 2017, is building modern financial services needed to support the growing decentralised economy. The company was launched by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank. Redwood Bank became the UK’s first 100% ‘born in the cloud’ business bank using Microsoft Azure Platform.

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