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Peer2Peer Finance News | August 17, 2019

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Fintech National Network expands with three new regional hubs

Fintech National Network expands with three new regional hubs
Kathryn Gaw

THREE new regional hubs have joined the Fintech National Network, marking the UK-wide expansion of the network.

Fintech Northern Ireland, Fintech Wales and Fintech West all joined the Network during its inaugural meeting in Manchester.

The Network was established by Innovate Finance, Fintech North and Fintech Scotland earlier this year and it aims to foster collaboration between national hubs innovators across the country.

“It is a pleasure to welcome Fintech Northern Ireland, Fintech Wales and Fintech West to the Fintech National Network,” said Charlotte Crosswell, chief executive of Innovate Finance.

Read more: FinTech Alliance aims to create go-to hub for fintech growth

“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.”

The newly-enlarged Fintech National Network intends 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.

Julian Wells, director of Fintech West, said that “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.”

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

Alex Lee, a member of Fintech Northern Ireland, added that the addition of the new regional hubs “will allow the ecosystem to collaborate nationally and learn from more developed hubs on the challenges, successes and importantly failures.”

Meanwhile, Gavin Powell, general secretary of Fintech Wales said that its addition to the Network will “help to create a stronger and more resilient national economy.”

More than 76,500 people are currently employed in UK’s fintech sector. In the first half of 2019, UK fintechs welcomed record investment, with UK fintech startups receiving $2.9bn (£2.32bn) in funding across a total of 123 deals.

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