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there's a rocket strapped to UK fintech
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and it's only speeding up on the 28th of
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April UK fintech week kicks off with the
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industry body innovate finance hosting
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its 11th global summit this will follow
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another record year for the industry
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where profits and customer levels surged
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londonbased Alica Bank was named
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Europe's fastest growing startup and
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doubled its profits in 2024 meanwhile
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Revolute a household name across the
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country topped 1 billion pounds in
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profits and even surpassed banking giant
0:24
HSBC in its customer base but what is
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the driving force behind UK fintech's
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rapid rise and how can this momentum be
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maintained innovate Finance's chief
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executive Janine Hurt told CTM the UK's
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fintech ecosystem is worldclass and
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globally respected the industry employs
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82,000 workers and is expected to cross
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100,000 in the next two years the UK is
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also the top unicorn breeder in Europe
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having created over 185 startups valued
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over1 billion pounds according to
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research from HSed BC Innovation Banking
0:54
diversification has been a key source of
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the industry's growth where fintech
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giants such as Monzo and Revolute first
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started as consumer focused businesses
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each have expanded their offerings to
1:03
other businesses james Baston Pit AOY's
1:05
head of growth for UK told CTM that
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fint's priorities in the past were
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simple win customers and grow at all
1:11
costs and invest in the consumer
1:13
experience but as the times changed
1:15
fintech did too and the variation helped
1:17
firms saw to new heights fresh
1:19
innovation continues with young firms
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leveraging new tools such as AI to
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accelerate ahead of traditional
1:24
financial firms on countless types of
1:26
lending on the global scale the UK has
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sprinted ahead of its European peers on
1:30
investment total investment in the UK's
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fintech communities topped France
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Germany China India Brazil and Canada
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combined according to data from KPMG
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Simon Merchant the chief executive of
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Flagstone told City AM "The culture of
1:43
fostering and bolstering is a huge part
1:45
of what makes UK fintech so strong and
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confident on the world stage and now
1:49
London's rapid rise has put it hot on
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the heels of New York to take its spot
1:53
as the world's leading fintech hub
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chancellor Rachel Reeves will publish
1:56
the Treasury's financial services growth
1:58
and competitiveness strategy this spring
2:00
reeves has courted leading fintech
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executives for their views on how to
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unlock growth across the economy should
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the government give the fintech industry
2:07
a strong backing in its new strategy the
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fintech rocket could be set for new
2:11
highs to hear more about UK fintech head
