European fintechs come together to launch new cross-border organisation

Earlier this week a group of some of Europe’s largest fintechs joined forces to create and launch a new non-profit organisation, the European Fintech Association (EFA).

EFA’s main objective is to help create a single financial market within the EU, removing cross-border barriers for financial services.

The founding members of the EFA are savings marketplace Raisin, software-as-a-service provider Finleap, alternative lender Funding Circle, wealth management platform Moneyfarm, digital bank N26 and money transfer service TransferWise.

Marc Roberts, President of the EFA’s board and chief counsel for Raisin, said: “By launching the Brussels-based association, EFA will be able to support the voice of FinTechs in Europe by encouraging proportionate and smart regulation that will support European financial innovation while taking consumer protection into account.”

“Digitalization is an opportunity for all to build a better functioning market for financial services. We believe that Europe can be a leading hub and kick-start for global growth of FinTech companies.” 

The creation of the group follows the European Commission’s commitment to introducing a new digital finance strategy.

Jan Ceyssens, head of unit digital finance and Directorate-General for financial stability, financial services and capital markets union at the European Commission, said: “Making Europe fit for the digital age is a key element of the EU recovery strategy. Now is the moment for FinTechs to coordinate their voices across Europe.” 

Alongside the six founding fintechs, the EFA is also drawing on expertise from several industry-leading companies across Europe including peer-to-peer lender Mintos, wealth manager Scalable Capital, financial API provider TrueLayer and troubled payment processor Wirecard.