Outrun Ventures

Outrun Ventures is a London-based angel investment fund founded in 2018 by Chris Adelsbach and Tariq Khan. Both are experienced founders themselves — Adelsbach previously co-founded Marlin Financial Group, which sold to a NASDAQ-listed entity in 2014. That hands-on experience shapes how they work with portfolio companies.

The firm primarily invests pre-Seed and Seed in fintech, insurtech, regtech, legaltech, and proptech businesses across the UK and Europe. Their investment thesis is distinctive: they prefer to back founders working on problems where the verdict is still genuinely uncertain — not companies that have already been validated by every other VC on the street. Adelsbach has put it plainly: he invests before the crowd catches on, in companies where many institutional VCs would track but ultimately not invest.

This approach has earned Adelsbach recognition as Europe's most active fintech angel (Sifted, 2021–2023), the number one seed investor in Europe (Business Insider, 2022), and UKBAA Angel Investor of the Year (2018/19). Together with Khan, he has built Outrun Ventures into one of the UK's most active early-stage fintech funds, with 24+ investments to date.

The firm's registered office is at 85 Great Portland Street, First Floor, London W1W 7LT, UK.

In addition to capital, Outrun Ventures provides hands-on support drawing on the founders' own experience — from scaling a business to navigating exits. They frequently lead or co-lead rounds and remain active in follow-on funding.

Outrun Ventures is structured around a clear conviction: the best investment opportunities look uncertain to most observers. Rather than following consensus into already-validated companies, the fund seeks founders working on problems where the jury is genuinely still out — problems that many institutional VCs would track but ultimately not invest in.

This contrarian lean does not mean the fund backs low-quality teams or unproven markets. It means they look for founders with deep domain expertise who are building something genuinely new — not copy-paste versions of existing models. The emphasis is on identifying high-potential founders early, before the rest of the market converges on the same opportunity.

The fund focuses on financial technology broadly — fintech, insurtech, regtech, legaltech, and proptech. Within that, they have a particular interest in banking-as-a-service, embedded finance, and digital infrastructure for financial services. The geographic focus is the UK and Europe, with a track record that includes investments in West Africa (Nigeria, Kenya, Egypt) alongside European deals.

Outrun Ventures typically leads or co-leads rounds. They prefer to be the first institutional investor in a company, coming in at pre-Seed or Seed when the thesis is still being proven out. They remain active through subsequent rounds and look to support portfolio companies through follow-on investment.

The founding team's own experience informs every dimension of the partnership. Both Adelsbach and Khan have started, scaled, and exited businesses. They understand what it takes to build a company from zero — and that experience is embedded in how they support portfolio founders.

Chris Adelsbach is the founding partner of Outrun Ventures and one of Europe's most prolific fintech angels. Prior to Outrun, he co-founded Marlin Financial Group, selling it in 2014 to a NASDAQ-listed entity. During his tenure as Managing Director of the Barclays Accelerator powered by Techstars, he built a portfolio that reached over $1 billion in valuation — and the accelerator was ranked the number one in Europe.

His personal track record includes over 175 backed companies, including fintech unicorns such as Marshmallow. He has made more than 65 personal seed checks and was named UK Business Angels Association Angel Investor of the Year for 2018/19. His portfolio companies globally have received more than 1.75 billion pounds in follow-on investment.

Tariq Khan co-founded Outrun Ventures alongside Adelsbach. Like his partner, Khan is a founder who has experienced the full lifecycle of building and exiting a company. Together, they bring complementary experience spanning financial services, regulatory technology, and venture-backed growth.

Outrun Ventures has built a diverse portfolio spanning fintech, insurance technology, and embedded financial infrastructure. Here are some of the notable companies in their portfolio:

Kuda — A Nigeria-based fee-free mobile banking platform offering transfers, savings accounts, and cards. Kuda raised a $10 million Seed round in November 2020 with Outrun Ventures participation, and has since grown into one of West Africa's most prominent challenger banks.

Curacel — An AI-powered platform for insurance claims automation, fraud detection, and accelerated payouts. Curacel raised a $3 million Seed round in February 2023, led by Outrun Ventures.

Kwara — A Kenya-based core banking and mobile access platform for Savings and Credit Cooperative Organization (SACCO) members. Kwara closed a $4 million Seed round in December 2021.

Dopay — An Egypt-based platform enabling employers to pay employees instantly without requiring bank accounts. Dopay raised a $2 million Seed round in April 2015, one of Outrun Ventures' earliest investments.

Railsbank — A UK-based banking-as-a-service provider offering embedded finance infrastructure globally. Railsbank raised $70 million in 2021, a significant round that validated Outrun Ventures' early thesis on BaaS.

Reloadly — A platform focused on digital reloading and payment infrastructure. Recent investment from Outrun Ventures in February 2026.

Tweezr — An early-stage company backed by Outrun Ventures in February 2026.

Embed — Another recent addition to the portfolio in February 2026.

Beyond individual companies, the portfolio reflects Outrun Ventures' thematic focus on financial infrastructure — the pipes and platforms that enable other businesses to deliver financial services. This focus on enabling technology rather than just consumer applications is a consistent thread across their investments.

Outrun Ventures evaluates potential investments across several dimensions that reflect their contrarian thesis and operational experience.

Founder quality is paramount. The fund looks for entrepreneurs who deeply understand the problem they are solving — ideally because they have lived it personally. Prior experience building and exiting a company is a significant positive. The team must demonstrate not just technical competence but the resilience and judgment required to navigate the full arc of a company's lifecycle.

Market opportunity must be large and underserved. Outrun Ventures is not looking for incremental improvements to well-served markets — they want founders addressing genuine gaps in financial services, whether that is insurance penetration in Africa, embedded finance in European SMBs, or regulatory compliance tooling.

Product differentiation matters. The fund looks for companies with defensible advantages — proprietary technology, exclusive partnerships, unique data assets, or regulatory licenses that create meaningful barriers to entry. Sustainable differentiation over time is critical.

Evidence of traction is expected, even at early stages. Outrun Ventures wants to see that early customers are finding value and that the business is showing signs of product-market fit. Traction indicators will be scrutinized closely, even for companies with limited operating histories.

Team composition and cultural foundation are evaluated carefully. Outrun Ventures looks for complementary founding teams with the operational depth to scale. They also assess whether a company's culture can sustain growth without losing what made it effective in the first place.

Outrun Ventures receives a high volume of inbound interest. The most reliable path to a meeting is a warm introduction from a portfolio founder, another trusted investor, or a respected member of the entrepreneurial community. If you have a connection to someone in their network, use it.

Cold outreach through the firm's website is a secondary path. If pursuing cold outreach, your pitch deck must be immediately compelling — clearly articulate the problem, your solution, why the team is uniquely positioned, and what traction you already have. Do not lead with generic market projections or language that could apply to any fintech company.

When you get a meeting, come prepared. Outrun Ventures will probe deeply on your market sizing, business model, unit economics, customer acquisition costs, and path to follow-on fundraising. Practice your pitch and be ready to defend your assumptions with real data. The investment committee asks hard questions — anticipate them.

Follow-up discipline matters. After an initial meeting, expect a decision timeline of two to four weeks. Send meaningful updates on your progress without being pushy. A significant milestone achieved after your meeting can be a strong reason to re-engage.

Even if your current round does not result in an investment, building a relationship with Outrun Ventures can pay off over time. The firm is active across multiple investment cycles and may be interested in future rounds — or can make introductions to other investors who are a fit.

Outrun Ventures conducts meaningful due diligence on financial metrics — even for early-stage companies. Before approaching the fund, founders should have a clear handle on their burn rate, runway, unit economics, and path to profitability or the next funding round.

Financial projections should be grounded in evidence, not optimistic scenarios. Outrun Ventures will challenge your assumptions and pressure-test your forecasts. Be ready to explain the basis for every number in your model and demonstrate that you have considered downside cases.

Key performance indicators specific to your business model should be tracked rigorously and presented clearly. Whether that is customer activation rates, claims processing speed, or BaaS transaction volumes — the fund wants to see that you understand which metrics matter and can explain trends in your performance.

Founders who have worked with fractional CFO support typically present financials more confidently and move through due diligence faster. Professional financial guidance helps you build investor-ready materials, prepare for tough questions, and ensure your capital raise is structured efficiently.

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