More UK FinTech associations join the FinTech National Network
News on 18th July 2019
18th July 2019 – The inaugural meeting of the FinTech National Network in Manchester welcomed three new hubs as Network partners. FinTech Northern Ireland, FinTech Wales and FinTech West joined the Network, which is establishing a framework of engagement across the UK.
Launched during UK FinTech Week by Innovate Finance, FinTech North and FinTech Scotland in April, the Network aims to foster collaboration between national hubs and encourage innovators up and down the country. In addition, the Network will look to focus on mutually beneficial initiatives, such as skills and talent, capital and investment, and diversity, and seek to connect respective FinTech ecosystems across the UK, as well as to international markets.
UK FinTech continues to grow from strength to strength. With over 76,500 employees working in FinTech across the UK, the sector attracted record investment in H1 2019 with UK FinTech startups receiving $2.9 billion in funding across a total of 123 deals. The FinTech National Network will work collectively to ensure that these levels of investment are benefitting companies regardless of their location.
Speaking on behalf of the Network, Charlotte Crosswell, CEO of Innovate Finance said: “It is a pleasure to welcome FinTech Northern Ireland, FinTech Wales and FinTech West to the FinTech National Network. Momentum continues to grow across the UK’s FinTech scene, which further highlights the need for collaboration between national hubs. We look forward to working with the wider Network to connect the ecosystem and drive the domestic FinTech agenda in the UK.”
Alex Lee, Member of FinTech Northern Ireland said:
“At FinTech NI we welcome and support the establishment of a National Network to showcase FinTech capability and clusters outside of London. This initiative will allow the ecosystem to collaborate nationally and learn from more developed hubs on the challenges, successes and importantly failures. We recognise that working alongside regional partners will only aide our development of Northern Ireland as a regional FinTech Hub.”
Gavin Powell, General Secretary of FinTech Wales said:
“FinTech Wales is excited to be a part of the National Network. This will not only boost the benefits for Wales and our members, but will also help to create a stronger and more resilient national economy. FinTech is a key area of excellence for the UK and the National Network will both support and enable its continued growth.”
Julian Wells, Director of FinTech West said:
“FinTech West was created in 2019 from the solid foundations of several years of work by what was formerly known as Bristol FinTech. The energy, enthusiasm and volume of people and organisations in the Bristol and the South West who have already got involved is a clear indication of the strong potential of the FinTech sector in the region. Joining the FinTech National Network is a really positive step to ensuring this region rightly takes its place as a key player in the UK’s national FinTech sector.”
Find out more about the FinTech National Network here.
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Innovate Finance is the independent industry body that is at the heart of the UK’s FinTech ecosystem. Founded in 2014 and supported by the City of London and Broadgate, Innovate Finance is a not-for-profit whose mission is to accelerate the country’s leading position in the financial services sector by directly supporting the next generation of technology- led financial services innovators.
More than 250 global members have joined the Innovate Finance ecosystem to date, ranging from seed stage startups to global financial institutions and professional services firms. All benefit from Innovate Finance’s leading position as the single point of access to promote enabling policy and regulation, talent development, business opportunity and growth, and investment capital. By bringing together the most forward-thinking participants in financial services, Innovate Finance is helping create a global financial services sector that is more sustainable, more inclusive and better for everyone.
Fintech Scotland has been established by the Scottish Government, the financial services sector and the University of Edinburgh to ensure that Scotland seizes the FinTech opportunity and achieves critical mass in the sector by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.
The founding partners were the Scottish Government, Scottish Enterprise, the University of Edinburgh, HSBC, Avaloq and Lloyds Banking Group.
FinTech Scotland acts as a strategic enabler focused on leveraging the potential economic (i.e. productivity, business creation) and social (i.e. access to financial products and employment) benefits arising from becoming a leading global centre focused on data driven FinTech innovation.
FinTech North is the focal point for the FinTech community in the Northern Powerhouse. It is an open and collaborative platform for sharing ideas, challenges and best practice, for showcasing innovative startups and scale-ups and for facilitating the connections and collaborations which create real value for businesses and consumers. Since 2016 FinTech North has delivered over 40 events across the north of England, drawing over 6,000 attendees from over 600 different organisations, with speakers from 21 different countries.
FinTech Northern Ireland
Northern Ireland’s FinTech ecosystem continues to develop and now boasts some world leading clusters in the areas of financial services compliance, cyber security and data analytics. FinTech NI is a collaboration between stakeholders in the local FinTech community including start-ups, incumbent banks and insurers, and professional services firms. It aims to foster collaboration locally and nationally, and promote Northern Ireland as a regional FinTech hub.
FinTech Wales is the independent membership association and champion of the FinTech and Financial Services industry in Wales.
Founded as a not-for-profit in 2019 by the Government’s FinTech Envoy for Wales Richard Theo, the association exists as a global voice for Welsh-based FinTech and Financial Services. As well as nurturing and supporting those businesses already in Wales, it develops the ecosystem to help FinTech companies start-up or scale-up in Wales, establishing Wales as a pillar of the global FinTech economy.
FinTech West operates as an inclusive and collaborative events-based initiative supporting the development of the FinTech community in Bristol and the south west, and also helping ensure the region is aligned to and part of the evolving national FinTech scene. FinTech West is the new name for Bristol FinTech, which has been hosting events in the region since 2016. The FinTech West team includes Whitecap Consulting, the co-founders of FinTech North, who opened a Bristol office last year.