Launch of the UK Fintech National Network
The FinTech National Network will increase collaboration between fintech hubs focussing on initiatives such as skills, investment and diversity.
Because innovation is coming from all parts of the UK it is vital to have a unified message that can be taken to a global audience and attract even more Foreign Direct Investment (FDI).
FDI is still flowing into the UK fintech sector. In 2018, the UK had its highest year in terms of investment, with over $3.3 billion, split roughly 50/50 between growth PE investment and VC investment. Compared to 2017, it's 18% higher. Between 2016 and 2017 FDI had already doubled. These growth levels put the UK third only to China and the US.
Stephen Ingledew, CEO of FinTech Scotland said:
â€œInnovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises. With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.â€
Chris Sier, Chairman of FinTech North & HM Treasury FinTech Envoy, said:
"Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.
Londonâ€™s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.â€
Charlotte Crosswell, CEO of Innovate Finance, said:
â€œI am delighted that we will be working closer with the FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UKâ€™s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.â€