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Response to the budget by Charlotte Crosswell, CEO of Innovate Finance

“We welcome the focus in the Chancellor’s Budget on R&D, tech and life sciences investment and the subsequent inclusion of an independent major review of UK FinTech, chaired by Ron Kalifa, OBE. Innovate Finance has long been advocating for an in-depth look at the sector as we witness the increasing impact of FinTech within financial services. We are confident that this timely and important review will underpin the future growth and prosperity of the sector across the whole of the UK.

“The last decade has seen FinTech emerge as one of the most important parts of our economy. It is attracting record levels of investment, and as a result helping to bring new services, increased choice and value in the market, and more jobs to the UK.

“We are at a crucial moment in FinTech’s development. UK companies are now entering a phase of maturity that requires action to ensure that entrepreneurs can not only establish and scale their businesses in their home market, but also export their products and services internationally.

“Innovate Finance works closely with industry, government and regulators to identify and spotlight the growth opportunity for UK FinTech, identifying how to remain competitive on the global stage – and this review will do exactly that. By better understanding the needs, requirements and key focus areas for the sector, we will put ourselves in a strong position to boost the FinTech industry, and in turn support the economy as a whole. This should bring benefits not just in London and the South East, but also to those vibrant FinTech hubs across the UK.

“FinTech and new innovations in Financial Services have the immense potential to transform people’s lives and drive prosperity across the UK. This will in turn benefit underserved individuals, businesses and wider communities across the country. Improving access to affordable credit, reducing the cost of payments, and providing new data-intuitive and transparent approaches in how we interact with financial products and services are just a few of the examples of how the FinTech sector is helping in the promotion of financial inclusion and greater transparency.

“This is why it’s paramount we look at the opportunities FinTech offers. Innovate Finance is delighted to support this review, and we look forward to working with Ron Kalifa and key industry leaders to provide the UK FinTech sector with a comprehensive blueprint for future growth and stability.”