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FinTech National Network joined by three regional bodies

Groups from Wales and Northern Ireland are among those who join the new national lobby group.

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Artem Beliaikin from Pexels

The FinTech National Network saw three regional bodies join the new lobby group to extend its countrywide reach at its first meeting.

FinTech Northern Ireland, FinTech Wales and FinTech West joined the national body, at its inaugural session in Manchester yesterday. 

The new nationwide group already includes FinTech North and FinTech Scotland, after being launched during UK FinTech Week in April by industry body Innovate Finance.

The national body said its aims are “to foster collaboration between national hubs and encourage innovators up and down the country”.

It added it would also 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”.

European dominance

The industry employs over 76,500 employees across Britain, while start ups in the sector attracted a record $2.9bn in funding across a total of 123 deals in the first half of this year, according to the FinTech National Network.

The UK and its capital dominate the European fintech market, with 39 per cent of all tech-related venture capital funding across the continent coming to Britain last year, according to report The UK Fintech Revolution, released last month. More than a decade of this kind of investment has given London the second largest concentration of fintech firms after San Francisco.

Innovate Finance chief executive Charlotte Crosswell, speaking on behalf of the FinTech National Network, said: “Momentum continues to grow across the UK’s FinTech scene, which further highlights the need for collaboration between national hubs.”

Alex Lee, of FinTech Northern Ireland, added: “We welcome and support the establishment of a National Network to showcase FinTech capability and clusters outside of London. This initiative will allow the ecosystem to collaborate nationally and learn from more developed hubs on the challenges, successes and importantly failures.”

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