Innovate Finance launches group to promote UK fintech abroad

UK industry body Innovate Finance has launched the International FinTech Group to bolster the country’s standing as a global leader in the sector.

This move follows the publication of the Kalifa Review of UK fintech in 2021.

Co-chaired by Innovate Finance and the Department for International Trade (DIT), the new Group will convene for 12 months to increase collaboration across the sector.

It aims to bring together organisations across the industry and the government to promote the growth of the UK fintech ecosystem, particularly across international markets.

The Group will continue the work begun by Ron Kalifa’s report, which put forward a number of recommendations on international competitiveness and called for the industry to capitalise on the UK’s fintech opportunities.

“A year on from the Kalifa Review, important steps are being taken to further advance and strengthen the UK’s world-leading FinTech sector and implement the report’s recommendations,” CEO of Innovate Finance Janine Hirt said.

“The international focus was a core part of the Review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life.”

Innovate Finance reported in January that the UK fintech sector surpassed $11.6bn last year, showing more than a 200 per cent annual increase. 

This puts the UK in the second top destination in the world for fintech investment, behind the US but ahead of the next six European hubs combined, cementing the country’s position as a leader in the field.

Notable firms including Revolut,Klarna and Checkout.com have joined the Group to continue this growth, and will meet for the first time next month.

“FinTechs in Britain are disrupting the traditional banks from all directions, delivering better products, consumer experiences and building on capabilities like open banking faster than any other country,” Head of Klarna UK Alex Marsh said. 

“As we put the pandemic behind us, we have a unique opportunity to cement the UK’s future as the global fintech leader by embedding stronger links with fintech hubs around the world and continuing to deliver on products, services and regulation which benefit consumers, not banks.”