FinTech National Network Will Foster Closer Business Ties Across UK
The FinTech National Network aims to foster enhanced relationships between regional hubs and provide ‘valuable connections’ to amplify their collective message.
A national network to encourage innovators across the UK to connect and form multiple fintech hubs has been developed by a trio of industry partners.
FinTech Scotland will collaborate with Innovate Finance and FinTech North to create the FinTech National Network, which will foster closer ties between hubs and provide ‘valuable connections’ to amplify their collective message.
The network will focus on mutually beneficial initiatives, such as skills and talent, capital and investment and diversity, and will also seek to connect respective fintech ecosystems across the country; as well as to international markets.
Commenting on the development, FinTech Scotland CEO Stephen Ingledew said: “Innovate 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.”
With capital flowing into the UK’s fintech sector at unprecedented levels, the initiative aims to capitalise on the innovation coming from startups, scale-ups and institutions across the UK and will showcase companies to both national international counterparties.
In 2018, the UK had its best year in regards to investment in this sector, with more than $3.3 billion split between growth PE investment and venture capital investment – marking an 18% increase on the year previous. This level of funding places the UK in third place on a global scale behind the US and China.
Charlotte Crosswell, CEO of Innovate Finance, said: “I am delighted that we will be working closely with FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UK’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.”
Chris Sier, chairman on FinTech North & HM Treasure FinTech Envoy, added: “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.
“London’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.”