Firenze has raised GBP £6 million in an oversubscribed funding round led by Albion VC, with existing investors Outward VC and Form Ventures also participating.

The deal follows a GBP £2.5 million seed round completed 12 months earlier.

The London-based fintech focuses on Lombard lending, a form of borrowing secured against investment portfolios. It provides software and lending infrastructure to wealth managers, independent financial advisers, investment platforms, and banks, enabling them to offer credit to clients without requiring them to sell or transfer their assets.

Firms using its platform now represent almost GBP £200 billion in assets under management. They include Brooks Macdonald, Canaccord Wealth, Artorius, Lincoln, Cerno, Parmenion, P1 and Soderberg.

Demand for this type of borrowing has risen sharply, with the total volume of drawn facilities tripling in the first quarter. Clients are using the loans for purposes including property-related borrowing, education costs, tax planning and inter-generational wealth transfers.

Expansion plans

The new capital will be used to broaden the range of products offered through the platform, expand its software offering for banks and support entry into new markets. Firenze also plans to double its team size as borrower demand rises and more wealth managers add Lombard lending to their client services.

Firenze argues that this part of the credit market has long been dominated by private banks, limiting access for a wider pool of investors. It is targeting wealth managers and platforms that want to provide secured lending without building the underlying credit infrastructure themselves.

Some private banks are also showing interest in using their technology to manage their own Lombard lending activity, including loans against assets not held in custody by the lending institution.

David Newman, Chief Executive of Firenze, outlined the rationale for the fundraising and the choice of investor.

“The market demand for Firenze’s solution has exceeded our expectations and, as a result, our vision has become more ambitious. We therefore felt now was the right time to raise further capital to accelerate our plans. When seeking a partner for this next phase of growth, Jay and Albion stood out. I believe passion and trust are the two most important attributes when choosing a VC to work with, and Jay and Albion have demonstrated that time and again as we got to know one another. We also feel honoured by the continued support of our existing investors, who have shown growing enthusiasm for the momentum behind Firenze,” said Newman.

Investor view

Albion VC backed the company because it sees scope for broader adoption of collateral-backed borrowing in wealth management.

“Firenze has built the foundational infrastructure layer to power the next generation of collateralised credit products, starting with Lombard lending. We’re proud to support the team as they scale. Lombard lending has been one of private banking’s most powerful tools, yet the vast majority of investors have had no access to it. Firenze is democratising that access, bringing Lombard lending to the mass-affluent segment. David and the team have executed exceptionally, signing partners covering over £200bn in assets and delivering a platform that solves custody, capital and compliance challenges simultaneously. That combination of market timing and product depth gave us the conviction to lead this round,” said Jay Wilson, Partner at Albion VC.

Outward VC, which led the earlier seed round, said Firenze had expanded its commercial footprint quickly over the past year.

“When we led Firenze’s seed round, we backed David’s vision to bring Lombard lending beyond the walls of large private banks. Twelve months on, the progress has exceeded our expectations, including a five-fold increase in its partner network, a rapidly growing loan book and a SaaS proposition that’s attracting leading banks and financial institutions, as has the vision for its future. Firenze is now proving that the credit infrastructure it has built can reshape how the entire wealth industry thinks about liquidity. We’re proud to continue our support as the company enters this exciting next phase of growth,” said Andi Kazeroonian, Principal, Outward VC.

The fundraising comes as wealth managers seek new sources of credit for clients who want access to cash without liquidating investment holdings in uncertain markets. Borrowers can often access funds within 24 hours.

Firenze’s recent growth suggests lenders and wealth firms are testing whether secured portfolio lending can move beyond its traditional private banking base into the broader advised wealth market.

The former premises of Wantage Chippy has been listed for £175,000 by Central Business Agency.

This follows the takeaway restaurant, which was at 26 Wallingford Street, being dissolved in October last year after it opened with some excitement on Tuesday, March 4, 2023.

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Owner Ahmed Elaboussi said at its launch: “I saw the need for a fish and chip shop in what is a small old traditional English market town that is lacking a fish and chip shop.

“You can enjoy traditional fish and chips not mixed with pizza or international food or anything else.

The opening of the Wantage Chippy in 2023 (Image: Ed Nix)

“We have been bombarded by pizza shops in Wantage. I live here, and I have seen people say a lot of negative things about how many we are getting.”

He added that Wantage Chippy would also “stand apart from other businesses because of its fresh ingredients”.

Mr Elaboussi said: “The cod is crispy battered and not soggy, and all our chips are made from scratch. We peel our own potatoes, and we don’t buy them frozen.”

In its last submitted accounts for the period ended February 28, 2025, it said it made a profit of over £8,000 although had creditors falling due within a year amounting to £8,535.

The former premises of Wantage Chippy (Image: Central Business Agency)

The initial application to strike the company off the register was received on July 15, 2025, and was formalised on October 7, 2025.

The Grade II listed property has since been stripped and is being marketed as a ‘blank canvas’.

Its listing on Rightmove states: “Central Business Agency are pleased to offer an opportunity to acquire a recently refurbished Grade II listed mixed-use property in a central Wantage location, suitable for takeaway or retail use and offered with vacant possession.

“The ground floor provides a self-contained commercial unit, presented in excellent condition and ready for immediate occupation.

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“The property has previously been used as a takeaway and offers a strong opportunity for a new operator to establish a presence in the town (subject to any necessary consents).”

The listing adds that the first floor comprises two rooms together with shower and WC facilities and that the accommodation is best suited for use such as staff space, office or storage because access is via the commercial unit.

The listing added: “The property offers a straightforward “blank canvas” and is likely to appeal to owner-occupiers in the food sector, as well as investors.”

A new report filed by the administrators for Ahmeys has said only an exchanged contract with deposits held has been conducted with an agreed extension in place.

Contracts for the Oxford Road, Cowley-based company’s property sale were exchanged in July 2025, with a total deposit of £122,500 held by January 2026 against a £1.225m sale price.

A pharmacy sign on a shop. (Image: James Manning / PA)

Completion has been repeatedly delayed as the buyer, PharmaLearn, struggled to secure funding due to lower lender valuations and a weak property market, the report suggests.

Rather than terminate the deal which would risk higher costs, delays and a lower sale value (potentially around £900,000), administrators, in consultation with NatWest, agreed to a further six-month extension.

This was conditional on a £100,000 non-refundable deposit, which has since been received.

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Paul Appleton, joint administrator at Begbies Traynor, said: “A further extension to the date for completion was agreed, providing PharmaLearn with time to complete the transaction by June 2026 albeit we hope that the transaction will be completed well before then.

“Whilst this extension has required additional time and legal input, we remain of the view that, when compared with the available alternatives, continuing with the existing sale process is most likely to maximise the realisation for the benefit of the administration estate.

“Further work was undertaken to address the continued occupation of the property, including negotiations with Medlearn around an appropriate licence fee, as well as preparatory steps for issuing a potential notice to complete due to delays in progressing the execution process.

“Work will continue during the next reporting period to ensure all remaining matters are resolved and to bring the transaction to completion as promptly as possible.”

A pharmacist stocking shelves at a chemist (Image: PA)

Shortly after being taken over by the administrators, MedLearn Limited and Pharmalearn Limited vowed to buy the pharmacy.

Faiza Saleem is a director of both purchaser companies and is also connected to Nisar Ahmad, the sole director of Ahmeys, the administrators said.

Mrs Saleem is the wife of Faheem Ahmad, who resigned from Ahmeys in January 2025 as a director and from Medlearn in January 2024.

She is also the daughter in law of Nisar Ahmad, 69, the remaining director of Ahmeys.

The 22 staff who worked at Ahmeys were transferred to the new buyer via TUPE, transfer of undertakings (protection of employment), which eliminated the need for redundancies and wage arrears.

Ahmeys started to suffer financial difficulties due to working capital pressures and a slowdown in revenue, the administrators said in a previous report.