UKTI publication suggests that the Fintech market in payments, platforms, software and data analytics is worth £20 billion to the UK annually. The research was commissioned by UKTI and carried out by EY (Ernst & Young). EY has for the first time mapped out the opportunities and strengths of the UK’s fintech sector by speaking to existing investors. The UKTI report can be viewed / downloaded here.
The UKTI report was published to coincide with the launch of new UK Fintech industry trade body.
Innovate Finance is a new UK industry organisation that aims to accelerate the UK’s leading position in the global financial services sector. It will support young or established technology-led financial services innovators.
Fintech backdrop
Since 2008, the value of Fintech investment in the UK and Ireland region has increased almost 8 times to US$265 million in 2013. This makes the UK and Ireland the fastest growing regions for fintech investment globally. The UK’s strengths in fintech are due to:
- London’s position as a world leading centre for financial services
- Edinburgh, Belfast, Leeds, Manchester, Birmingham and Cardiff all have strong financial services sectors
- good availability of business capital
- a supportive regulatory structure
