Welcome to UK FinTech Week FinTech is transforming the world of financial services and the UK has emerged as the global leader. The industry earns over £6 billion for the nation’s economy and encompasses everything from mobile payments and digital banks to blockchain technology and crowdfunding platforms. Collectively these innovations are helping to shape a financial services sector that puts customers at the heart of their businesses and delivers better products that are more inclusive for consumers.
Why London, Why now? The influence of UK FinTech is undiminished and the nation maintains its leading reputation for nurturing and scaling startups. The UK attracts more investment and talent than anywhere else in Europe, thanks to right touch regulation, favourable government policy and an ecosystem that includes a major financial services industry and the greatest FinTech companies. The UK is pushing a new economic model that requires a fundamental shift in the technologies that are needed in the digital age. It is in this context that a new FinTech Big Bang has happened, enabling the UK to set the agenda in financial services.
A Celebration of the World’s Leading Global Hub
WORLD’S LARGEST FINANCIAL SERVICES HUB
London is home to the world’s largest financial services sector with over 40,000 companies. Big banks and investment firms work alongside FinTech startups to create exciting new products and services. The London Stock Exchange plays an active role in ensuring London remains a financial powerhouse, working with many of Europe’s fastest growing FinTech companies to help scale up and grow in the UK.
WORLD CLASS TALENT
Access to talent from the UK and abroad is a key factor to the nation’s successful FinTech boom. In London alone, over 44,000 people work in FinTech roles, – more than Silicon Valley or New York. The local talent pool is also expected to grow with support from government- backed initiatives aimed at training the future workforce to enter the digital economy.
REGIONAL HUBS
It takes a nation to drive innovation – and regions across the UK have developed promising FinTech clusters that work closely together. Cities outside London are punching above their weight with FinTech innovation hubs that are creating a concentration of startups that are transforming the relationship between consumers and financial services.
TECHNOLOGY CLUSTER
Britain has a technology cluster that is the envy of Europe. Facebook, Google, Amazon and Snapchat are just some of the major tech firms that have made Britain the home of their international operations. Titans of industry such as Microsoft, Oracle and Vodafone play a major role in developing FinTech innovations.
PROGRESSIVE REGULATOR
The FCA is recognised as one of the most progressive regulators in the world and a champion of the FinTech boom. Through ‘Project Innovate’ the regulator provides dedicated support for innovators, while its pioneering ‘Regulatory Sandbox’ allows early stage startups, challengers and incumbents to test innovative products in a safe consumer environment. The FCA has also signed cooperation agreements with regulators from Australia, Korea and Singapore amongst others to boost engagement, reduce regulatory uncertainty, and help UK FinTechs to expand internationally, working closely with HM Treasury to develop ‘FinTech Bridges’ around the world.
What makes the UK the best place for FinTech? INVESTMENT CITY OF LONDON CORPORATION
This unique organisation supports and promotes London as the global centre for financial services, attracting new business to the London and the UK. . The City of London has been instrumental in nurturing FinTech’s growth by backing initiatives such as Innovate Finance, a membership association representing the UK’s global FinTech sector with over 260 members including startups, big banks and major technology firms. Working with all our key partners in business and in government, the City of London plays a lead role in sustaining the policy ecosystem for FinTech. Our global exports and investment team also supports UK companies entering overseas markets by identifying export opportunities, as well as supporting international FinTech companies who seek to expand their presence into the UK, with advice on property and peer networks.
GLOBAL COMMUNITY OF INNOVATORS, CHAMPIONS AND MENTORS
The UK has built an enviable FinTech ecosystem that brings together the world’s biggest banks alongside startups, technology firms, policy makers, venture capitalists, accelerators and more. Organisations such as Innovate Finance, Tech London Advocates, Tech City UK, Nesta, and Startupbootcamp are just a few champions that support the community and help to ensure the country remains a FinTech leader.
London’s position as the leading financial hub provides access to funding for startups and capital for larger FinTech firms. More investment is poured into UK FinTech than anywhere else in Europe. In 2016 it came third in the world for the total number of FinTech deals and attracted nearly £1 billion in investment.
DIGITAL NATION
According to the Global Connectivity Index which measures how nations are progressing with digital transformation, the UK is ahead of its European neighbours – due to investment in superfast broadband and 4G. More than 95% of the country will have access to this service by the end of this year, making the UK a great place to run a start-up – anywhere, anytime.
Here are some of the organisations, investment firms and technology companies that make the UK a global leader in FinTech. Together they are helping to create a financial sector that is transparent, successful and reflective of the diversity and needs of the customers they serve. Augmentum CapitalL Anthemis Group Barclays Rise Accel City of London Corporation Department of International Trade FCA HM Treasury Level 39 UKBAA Innovate Finance Index Ventures London and Partners
NESTA Passion Capital Tech London Advocates Tech City UK Tech North Scottish Enterprise Scottish Financial Enterprise UK Open Banking London Stock Exchange IoD Startup Institute SVC2UK GLA Entrepreneur First
Makers Academy Milken BBA BVCA Future Fifty Octopus Ventures TechStars Startup Bootcamp UCL 500Startups FemTech Chatham House Founders for Schools WAYRA
Network of FinTech supporters Published and Funded by the City of London Corporation Š 2017