Google Ventures investor: 'It would break my heart if Powa corrupted fintech'

Fintech (financial technology) has arguably become the poster child for the UK technology sector over the last couple of years but the spectacular collapse of Powa Technologies did nothing for the sector's reputation. When asked whether Powa cast a shadow on the UK's thriving fintech industry, Tom Hulme, a partner at Google Ventures in London, said: "It would break my heart if Powa Technologies corrupted the fintech marketplace." Powa raised at least 175 million ( 122 million) but it had only 250,000 ( 175,200) in the bank at the start of February and debts of 16.4 million ( 11.5 million). Here's how it spent all of its investor's money. Hulme was quick to add that Powa was not the type of company that Google Ventures would look at.