Fintech leaders attend Downing Street meeting
Fintech leaders met with the No.10 business unit at Downing Street Tuesday (7 December) to discuss further strengthening the investment environment for fintechs and maximising the benefits of government reforms to listings rules.
The meeting was attended by senior leaders from some of the UK’s most prominent fintech companies, such as Revolut, PrimaryBid and ClearBank. Janine Hirt, chief executive of Innovate Finance, Chris Philp MP, minister for tech and the digital economy and Alex Hickman, the Prime Minister’s special adviser on business also gathered at the meeting.
The group noted that fintech already contributes £5.4bn to the UK economy and discussed how to ensure it reaches more than £20bn by 2030.
The fintech leaders welcomed the government’s actions to create a globally competitive listings regime in the UK, and discussed how best to capitalise on these reforms, including shifting culture to celebrate and support UK “unicorns” and national champions.
On LinkedIn, Innovate Finance said members shared their thoughts on further strengthening the UK’s initial public offerings (IPO) and investment landscape.
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“The roundtable was an excellent forum for fintech leaders to provide their thoughts on further strengthening the investment landscape and listing environment here in the UK,” said Hirt.
“The discussion highlighted the enormous ambitions that fintech businesses have for growing the sector over the next decade. The government has taken some very positive steps forward, including delivering on key recommendations in the Kalifa Review, and we want to ensure this momentum continues.
“We are grateful to the Prime Minister’s team for providing this important opportunity for Innovate Finance members to engage with ministers and senior advisers. We look forward to further such meetings in the future.”
Last week, the City regulator updated its listing rules in line with recommendations made in the Kalifa Review to make it easier for UK fintechs to pursue IPOs by retooling the requirements for smaller, founder-led businesses.
Tuesday’s discussions follow Innovate Finance calling on the government and fintech sector in November, to do more to implement the recommendations outlined in the Kalifa Review.