Envoy aims to put Wales on the map for fintech
Serial entrepreneur Richard Theo has been appointed an envoy by the UK Government to support and champion the fast-expanding financial technology (fintech) sector in Wales.
In an appointment made by the Treasury, Mr Theo, the co-founder and chief executive of online investment venture Wealthify, in which financial services giant Aviva acquired a majority stake earlier this year, has been appointed the Government’s fintech envoy for Wales.
His non-remunerated role will be to help drive further growth in Wales’ fintech sector, where Cardiff has been identified as a leading hotspot outside of London, boasting a wave of emerging start-ups with high-growth potential like Amplyfi and established players such as Admiral and MotoNovo Finance.
Alun Cairns, Secretary of State for Wales, said: “Congratulations to Richard Theo for being appointed the UK Government’s fintech envoy for Wales.
“This is an exciting and emerging technology in which Wales is now an established UK leader, with companies ranging from giants like Admiral and GoCompare to a burgeoning host of start-ups.
“Financial services and fintech are a dynamo that will create many more high-pay high-skills jobs in Wales. I look forward to receiving Richard’s advice on steering this sector to even greater success.”
Mr Theo, whose other business interests include ActiveQuote, said: “It’s a huge honour to be appointed as the Government’s fintech envoy for Wales and to have a chance to help support the growth of fintech in our region.
“South Wales is already a hotspot of fintech success and is uniquely placed to become the leading fintech centre outside London.
“It is a fantastic place to do business, benefiting from a strong work ethic and entrepreneurial culture, low operating costs, excellent connectivity and a great lifestyle.
“It’s already home to a wide range of accelerators and incubators, and a phenomenal network of tech, fintech and financial services businesses to help mentor and partner with.”
He added: “I fully support the Government’s ambition for the UK to become the best place in the world to start and grow a fintech business, as set out in the industrial strategy and supported through the recently-launched fintech sector strategy.
“The commitment to a £2.5bn fund to drive investment in innovation and high-potential businesses is a vital and welcome step towards nurturing the future businesses of the UK economy.
“As a tech entrepreneur with over 20 years’ experience building technology businesses from the ground up, I have a first-hand appreciation of the challenges and barriers entrepreneurs face when working to turn their ideas into profitable businesses.
“I am looking forward to working closely with HM Treasury and stakeholders in Wales to maximise the potential for fintech and help determine the most effective strategies to allow the UK as a whole to fulfil the promise of fintech, post-Brexit.”