Ex-TSB chief Paul Pester joins UK wealthtech start-up Firenze as chair

Leadership Appointments:
- Paul Pester: Former TSB Bank CEO, appointed as chair of Firenze’s board.
- Samantha Bamert: Former Barclays executive, named non-executive director.
- Mike Toole: Artorius co-founder, also named non-executive director.
Firenze’s Business Focus:
- Launch: Firenze was launched in January 2024.
- Objective: Democratise access to Lombard loans through an embedded finance platform targeted at wealth managers, brokers, and investment platforms.
- Lombard Lending: Allows investors to secure loans using assets like stocks and bonds as collateral without selling them.
- Loan Offering: Current loan minimum is £65,000, with plans to reduce it to £25,000 pending FCA approval in 2025.
Funding and Investors:
- Firenze raised £750,000 in pre-seed funding.
- Early investors include Andreessen Horowitz, Atomico, Ada Ventures, and Lakestar.
Timing and Market Relevance:
- Paul Pester highlights the relevance of Lombard lending given the increasing political discussion around capital gains tax, positioning Firenze as a timely solution.