Janine Hirt
CEO, Innovate Finance
Today, 80% of UK adults use fintech tools regularly, and nearly 60% of SME lending is done by fintechs, challenger banks and alternative lenders.
Despite a challenging 2023, the UK continues to maintain its position as a global leader in fintech, with the sector securing over $5 billion in investment last year — second only to the US and ahead of all of the rest of Europe combined. To sustain this leadership, however, it is critical that we do not rest on our laurels.
Collaboration and innovation in UK fintech
Industry, regulators and government must work together to cement the UK as the best location in the world for fintechs to grow and as the most secure place for firms to harness emerging technology and use digital finance.
Innovate Finance recently launched the Unicorn Council for UK FinTech (UCFT)™ to support the highest growth UK fintech companies. The Council has outlined a number of key policy recommendations for the Government. They will serve to strengthen the UK as a scaling destination of choice for fintechs and allow consumers to reap the benefits of innovation in financial services.
The UK is in a great position to build on
its success as a world-leading fintech hub.
Priority goals for UK fintech leadership
We also recently published our General Election Fintech Manifesto, which outlines three priority goals for the next government. They are all critical to deliver on if we are to maintain the UK’s leadership in financial innovation: build the world’s first smart data economy in the UK; make the UK the most secure place in the world for consumers and businesses to use digital finance; and make the UK the world leader in adopting new technology in finance.
Supporting UK fintech growth
By committing to ambitious targets and learning from the growth experiences of the last 15 years, the UK is in a great position to build on its success as a world-leading fintech hub. Other countries are quickly gaining pace, and so, we must act now to support this thriving sector of our economy.
The fintech sector stands to benefit not only our financial services industry but consumers and SMEs across the country that are able to take advantage of greater choice in financial services, greater access and better user experience at a lower cost.
Innovate Finance is the independent industry body for UK fintech. Its mission is to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators. For more information, visit innovatefinance.com
