Enhancing the UK's approach to Innovation

The UK FinTech industry is evolving, currently home to over 1,600 FinTech firms and bearing witness to an increasingly sophisticated FinTech ecosystem as start-ups and established operators step up their collaboration efforts.

Interventions on the future of regulation, including the FCA’s Open Finance initiative and the Bank of England’s Future of Finance report, show there is a willingness to consider how best to support innovation.

Our report, produced in collaboration with TheCityUK and with the input of over 20 industry leaders draws on interviews with more than 20 individuals holding senior positions in UK, US and European FinTechs, financial institutions as well as UK and US regulators.

$3.3B investment

UK FinTech rose 18% to a record $3.3bn in 2018.

76.5K people

employed in FinTech and this is predicted to rise further to 105k by 2030

82% of incumbents

expect to increase their FinTech partnerships over the next three to five years

Enhancing the UK's approach to innovation in financial services

The report focuses on four elements essential to supporting the next stage of FinTech growth: clarifying regulatory support and engagement building on success by delivering new initiatives integrating innovation across the supervisory framework and strengthening support of FinTech expansion into overseas markets.

As a global leader in this space, the UK should be striving to match the innovation of our FinTechs with the collaboration and support of our regulators.”

Alex Mcgill Financial Services Expert

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