National approach to financial technology
Innovate Finance, Fintech Scotland and Fintech North have pushed the button on a national financial technology network.
The organisations said the launch of the Fintech National Network would lead to increased collaboration between fintech hubs, focusing on initiatives such as skills, investment and diversity.
They aim to attract further foreign direct investment (FDI) into the sector. In 2018, the UK had its best year in terms of investment, with some £2.5 billion pumped in, split roughly 50/50 between growth private equity investment and venture capital investment.
Between 2016 and 2017, FDI had already doubled.
These growth levels put the UK third only to China and the US.
Stephen Ingledew, chief executive of Fintech Scotland, 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.”
Charlotte Crosswell, chief executive of Innovate Finance, added: “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.”