DirectID appointed as Fintech Champion for Nations
The Department for International Trade (DIT) has announced the Fintech Champions for Scotland and Wales at the Board of Trade meeting in Wales today.
DirectID have been appointed as the Fintech Champions for Scotland, with Yoello selected as the Welsh Fintech Champion. They join the previously announced Northern Ireland Fintech Champion FinTru, meaning that a Champion is now in place across each of the devolved nations.
The Fintech Champions scheme was established by DIT last year as a way of better supporting the UK Fintech industry. Each Fintech Champion will be tasked with working alongside other industry leaders to elevate the UKâ€™s status as a global Fintech hub.
Theyâ€™ll also be asked to help promote expansion around the world and help businesses scale-up and up-skill by providing one-to-one sector-specific advice.
Minister for Exports Andrew Bowie said:Â
â€œFintech is already worth billions to the UK economy, and weâ€™re keen to see the industry continue to grow over the coming years.
â€œWith these two companies joining the Fintech Champions programme, we now have expertise supporting businesses across all four nations who want to scale up their operations.
â€œBoth are leaders in the industry and will do a fantastic job promoting the UKâ€™s place as a global Fintech hub.â€
The UK is already a world leader in Fintech, owning more than 10% of the global market share and is forecast to grow dramatically to Â£380 billion by 2030.Â Â
The UK also secures 11% of all global investment into the sector, attracting nearly half of all investment in Europe. Innovate Finance estimate total investment into British fintechs jumped more than 217% to $11.6bn in 2021.
With an increasing number of Fintech firms exporting globally from the UK, DIT is helping the sector take advantage of our global trade links, ultimately creating more jobs and driving further investment into all corners of the country.
The new Scottish Fintech Champion, DirectID, was the earliest open banking pioneer, and provides advanced open banking data for credit & risk decision makers in 46 countries.
James Varga, CEO & Founder at DirectID said:
â€œI was incredibly humbled and excited when I was invited to help champion exporting in the Fintech sector.
â€œDirectID now powers some of the worldâ€™s biggest brands in North America, Europe and Asia to scale, drive efficiencies, manage risk, and create fairer outcomes for their customers.
â€œWhether itâ€™s working with other industry figures to promote the UK as a place to do business, or sharing knowledge of our experience exporting to multi-national organisations, Iâ€™m proud to be supporting the growth of the Â£11 billion UK fintech economy.â€