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Peer2Peer Finance News | August 24, 2019

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FinTech Alliance aims to create go-to hub for fintech growth

FinTech Alliance aims to create go-to hub for fintech growth
Kathryn Gaw

A NEW FINTECH community platform has been launched, with plans to become “go-to destination for people working in the industry to get access to funding, knowledge, and talent.”

The FinTech Alliance was formed through a partnership with the Department for International Trade (DIT), as a way to promote fintech growth across the country, and to build new fintech bridges.

More than 500 companies and individuals from across the UK have already joined, including property lender Landbay, and lending marketplace Funding Xchange.

Members can use the platform to access and share insights and news from the fintech sector, and it can also be used to connect with investors, receive updates on the latest policy and regulatory changes, and find new talent.

The platform intends to open up to international opportunities soon, with the  aim of attracting global investment into UK firms and strengthening the UK’s reputation as a global fintech leader.

Read more: Zopa says fintech revolution has killed off monogamous banking

“With the world of financial technology becoming ever more global, the need to form alliances with regional hubs has become ever more important,” said Lee Birkett, founder of peer-to-peer platform JustUs and chief executive of comparison site – and FinTech Alliance member – MoneyBrain.

“We welcome the FinTech Alliance plans to bring the nation’s fintech talents together as one and play our part in building these much needed North-South bridges.”

The launch of the FinTech Alliance follows a report from Tech Nation which named the UK as a world leader in the fintech sector, with UK fintech firms attracting more than £4.5bn in investments between 2015 and 2018.

Read more: Visa-backed payments platform launches for banks and fintechs

According to Tech nation’s UK FinTech State of the Nation report, there are approximately 76,500 people working in fintech throughout the country, and this figure is expected to rise to 105,500 by 2030.

“The UK is the best place for fintech in the world, but we have to keep working very hard to maintain that status,” said Alastair Lukies CBE, member of the Prime Minister’s Business Council and chair of FinTech Alliance.

“The FinTech Alliance comes at a crucial time for our industry and it’s an opportunity to further cement our country’s leading role in the global fintech ecosystem. We were delighted with the response we got after our soft-launch in April and are excited to see how our community will grow and develop from now on, tackling our sector’s challenges with a united front.”

Read more: 84 per cent of banks will consider fintech partnerships