Notion Capital is a government-backed fund that has taken funding from the British Business Bank and the European Union’s European Investment Fund. Its portfolio includes corporate information startup DueDil, payments platform Currencycloud and autonomous vehicle software developer FiveAI. A couple of months ago, Notion announced it had raised $220m in two new funds.
Back in May 2016, it failed to file a capital adequacy return, which would detail the amount of capital it held. When it didn’t do that, the FCA sent a warning notice in November and a notice in December that the FCA would cancel its license, which Notion did not refer to a tribunal to challenge. On January 20, 2017, the FCA cancelled Notion Capital Managers LLP’s license.
Jos White, who co-founded Notion back in 2008, said the missed filing was “was regrettable but was an administrative oversight only” and added that the firm’s capital requirement “was just €125k (vs c$300m AUM) so very small – and we were compliant at all times.”
He said Notion only became aware of the problem when the license was revoked in January, as the warnings had been sent by standard mail to Notion’s old office address.