By Emily Nicolle on Wednesday 7 March 2018
After receiving over 130 applications, the final fifteen have been chosen.
Announced today, the Department of International Trade has revealed the fifteen fintech firms it will be sending on its second annual trade mission to New York Fintech Week, taking place between April 16th to 20th 2018.
The 2018 mission will comprise of a pre-mission briefing in London next month, as well as regulatory discussions with experts and US regulators alongside attendance at the Empire Startups Fintech Conference. It is hoped that the mission will help UK fintech branch out across the pond, as more players are increasingly chasing their goals of going global.
In November 2017, the ACORN OakNorth group scored the largest fintech raise in the UK to date, securing a total of £250m in a round led by GIC (the Singaporean sovereign wealth fund), Coltrane Asset Management, The Clermont Group and Toscafund.
Other fintechs not included on the mission have also recently laid out their sights on achieving success in the US, with digital banking app Revolut looking to launch across the pond by the end of this quarter.
Joel Perlman, co-founder of ACORN machine, commented on the news: “The UK’s fintech sector is made up of an exceptionally strong ecosystem of incumbent institutions and start-ups; forward-thinking policy makers; scale-up businesses such as OakNorth who are attracting large later-stage investments like the £250m one we did last year; and a skilled talent base with deep expertise in both financial services and technology.
“The DIT’s mission will provide us with a unique opportunity to promote this and further enhance our presence in the US market. We’re incredibly humbled and grateful to have secured one of the 15 spots available and look forward to meeting the other fintech businesses in a few weeks’ time.”