The chair of the FinTech Alliance, which launches today, has declared the UK “the best place for fintech in the world”.
Alastair Lukies CBE says: “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.”
In March, fintech firms accounted for 10 of the 24 companies chosen by Tech Nation to join its Future Fifty scheme, which recognises innovative new business and supports them in scale-up.
Investments in fintech unicorns tallied £4.5bn in 2015-18, according to Tech Nation’s UK Tech on the Global Stage report.
Estimates by the UK FinTech State of the Nation report suggest that there will be well over 3000 fintech firms in the UK by 2030, employing around 105,000 people.
“A community this size needs space to thrive and that’s where FinTech Alliance comes in,” a statement from the platform says.
“The democratised platform opening today is built on providing opportunity and education to those working in the sector.”
UK Fintech Alliance launch
The FinTech Alliance was unveiled at the end of April by chancellor Philip Hammond, as a “digital marketplace”, where companies can access and share insight and news on the industry, and connect with investors and recruiters.
Since then, some 500 members have registered, including fintech and cybersecurity community, Level39 and Virgin StartUp, a not-for-profit organsiation which supports entrepreneurs in the early stages of launching a business.
Lukies adds: “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.”
Today marks the start of London Tech Week, an event celebrating innovation in the UK capital’s technology sector.
Despite lingering political uncertainty, the UK can now boast 72 unicorns, accounting for a third of those all across Europe. Eighteen of these are fintech firms,
This puts the UK in third-place globally for behind only the US and China for the creation of fast-growing tech companies with a valuation of $1bn or more.