Unleashing the power of fintech across the nation
Anew financial technology programme has been launched to help take fintech companies to the next stage.
The programme is part of HM Treasury’s Fintech Strategy to ensure the UK remains the world leader in fintech.
UK financial technology firms attracted a record £1.34bn in venture capital funding last year – this was 44.8% of all funding raised within tech in the UK
Some of the UK’s leading fintech executives will judge applications from ambitious fintech start-ups for the first-ever dedicated Tech Nation Fintech programme.
On the judging panel is Richard Theo, the UK Treasury Fintech Envoy for Wales, and he is encouraging fintechs from Wales to apply.
“Wales has a highly skilled, highly motivated talent pool that is capable of building world-leading fintech businesses,” said Mr Theo.
“I am delighted that Tech Nation is looking right across the country for businesses to take part in the first-ever fintech programme and hope that Wales’ ambitious community of entrepreneurs will apply in numbers.
“Fintech businesses have the ability to deliver enormous benefits to society and can help to make our economy more sustainable and innovative right across the country.”
Other members of the judging panel include Anne Boden, CEO of Starling Bank, Anil Stocker, CEO and co-founder of MarketInvoice, and Imran Gulamhuseinwala, global head of fintech at EY and Open Banking’s implementation trustee.
The judges will be assessing the most promising fast-growth fintech companies from across the country to start the programme in September.
The Tech Nation programme is open to early-stage fintech companies looking to partner with, sell to or otherwise work directly with other businesses, large or small.
To qualify, companies will need to be between seed and Series A stage, and be able to demonstrate market success for their product and they must be UK-based.
The applicants who make it into the first cohort will be rewarded with a carefully curated programme, which will see them spend time with and gain insights from fintech entrepreneurs.
These insight sessions will be centred on key topics inherent to scaling a business such as regulation, sales, partnering with incumbents and international expansion.
They will also be introduced to key decision-makers at large financial institutions and investment firms.
The programme will culminate in a showcase trip to the USA to give the cohort a feel for the American market, its ecosystem dynamics and investors.
Tech Nation’s programme is aligned to the Treasury’s Fintech Strategy in supporting fintech companies from across the whole country and will help these companies scale into global disruptors.
Fintech alumni of Tech Nation’s existing programmes include the likes of Zopa, Transferwise, Monzo and Trussle.
John Glen, Economic Secretary to the Treasury, said: “From London’s Silicon Roundabout to Scotland’s Silicon Glen, there are hundreds of promising British fintechs on the cusp of becoming the next major disrupter. That’s why we launched our Fintech Sector Strategy earlier this year, and why the Tech Nation Fintech programme is so significant.
“The programme will help to give some of these start-ups a boost to the next stage, and with it, bring innovative new products to market.”
Applications opened today and will run until July 27 on the website technation.io. Successful participants will be notified in early to mid-August.
The programme kicks off in September.
Fintech businesses have the ability to deliver enormous benefits to society and can help to make our economy more sustainable and innovative right across the country RICHARD THEO