FinTech Alliance officially launches with focus on strong regional collaboration
– Since it was announced in late April, over 500 companies and individuals from all parts of the UK have joined the alliance, strengthening the regional collaboration between FinTechs across the country
– The first ever community-driven digital platform for FinTech will be the go-to destination for people working in the industry to get access to funding, knowledge, talent and to also share their own stories
– The alliance solidifies the FinTech Bridges to better prepare UK companies for global growth
– Investments in UK high-growth FinTech firms topped the charts, at £4.5bn from 2015-2018, and over 76,000 people are employed by the sector FinTech Alliance, a digital platform to unite both the UK and the global financial technology sector, opens for business today with over 500 members already signed up. In partnership with the Department for International Trade (DIT), FinTech Alliance brings together the strengths of the UK’s FinTech ecosystem in one destination, to support the continued growth of the sector.
Companies that already registered include Level39 and Virgin StartUp, among many others. As users continue to register from all parts of the UK, the regional collaboration between FinTechs gets stronger – MoneyBrain, a company based in Cheshire building an open and fairer financial system, and Delio, a Welsh private asset investment infrastructure as a service, are just some examples of companies throughout the country that joined the platform so far. The alliance is also paving the way for building FinTech bridges to better prepare UK companies for global growth.
Lee Birkett, executive chairman and CEO at MoneyBrain, said: “With the world of financial technology becoming ever more global, the need to form alliances with regional hubs has become ever more important. We welcome the FinTech Alliance plans to bring the nation’s FinTech talents together as one and play our part in building these much needed north-south bridges.”
Gareth Lewis, co-founder and CEO at Delio, added: “Everyone talks about the great things coming out of the FinTech community around the country. Having that information all in one place and in a curated manner on the FinTech Alliance is going to be crucial.”
The UK is a world leader in the FinTech sector. According to Tech Nation’s “UK Tech on the Global Stage” report issued last month, investments in UK high-growth FinTech firms topped the charts, at £4.5bn from 2015-2018. There are currently over 1,600 FinTech firms in the UK. Estimates suggest this will more than double by 2030, according to the “UK FinTech State of the Nation” report. The same paper puts in 76,500 the number of people working in FinTech throughout the country, with an expectation to increase to 105,500 by 2030.
A community this size needs space to thrive and that’s where FinTech Alliance comes in. The democratised platform opening today is built on providing opportunity and education to those working in the sector.
Alastair Lukies CBE, member of the prime minister’s business council and chair of FinTech Alliance, commented: “The UK is the best place for FinTech in the world, but we have to keep working very hard to maintain that status. The FinTech Alliance comes at a crucial time for our industry and it’s an opportunity to further cement our country’s leading role in the global FinTech ecosystem. We were delighted with the response we got after our soft-launch in April and are excited to see how our community will grow and develop from now on, tackling our sector’s challenges with a united front.”
David Duffy, CEO of CYBG plc, FinTech Alliance ambassador commented: “I’m delighted to be the ambassador for FinTech Alliance and to have had the opportunity to work with Al Lukies to bring this important project to fruition. However, this is just the start of the FinTech Alliance journey. It will only succeed if the UK’s FinTechs and other industry supporters embrace this platform and bring it to life. I look forward to seeing how FinTechs engage with the platform and working with them to ensure the platform continues to be of real benefit to their businesses.”
By building a profile as an individual or a company, users will be able to access and share a wealth of insight and news across the platform, connect with investors, receive updates on the latest policy and regulatory changes, and find the talent they need in order to scale. The platform will also open up international opportunities and build bridges, enabling global growth and success. Its aims include attracting international investment, FinTech firms and talent to the UK, as well as acting as a platform for UK firms to expand onto the global stage.
The platform is supported by Principal Partners including commercial data and analytics company Dun & Bradstreet; software development business, Endava; financial services company, First Data; professional services firm PwC; payment services and Mastercard company, Vocalink; and legal firm White & Case.