The UK FinTech Landscape Review

There is a thriving landscape of FinTech in the UK because it still has the resources and the businesses dedicated to it. A review was commissioned by John Glen, Economic Secretary to the Treasury to ensure its welfare. It is the first comprehensive grassroot analysis of the FinTech industry growing out of the UK. 

The primary objective behind this review was to ensure that FinTech in the UK continues to have the support, resources, and businesses backing it up and helping it to make progress in the same way. There are five different sections that the review focuses on. They are talents and skill sets, investments, national connectivity, international attractiveness, and policy regulations. 

The chapter on National Connectivity was spearheaded by a group of CEOs who came together from across the UK and provided their unique perspective and expertise on connectivity and data analytics. Gerard Grech, CEO of Tech Nation, and Louise Brett, Head of Deloitte’s FinTech took the leadership on this chapter and worked in close collaboration with the rest of the participants. 

The co-lead, Louise Brett, Head of Deloitte’s FinTech said, “The Review provides the platform for the sector’s future growth and excellence across the UK and globally, levelling up and equalling out the positive impact FinTech can have.”

The data analysis produced a comprehensive report on the growth and development of the UK FinTech landscape. It gives a thorough insight on the suitable FinTech location, the growth trajectory it follows, gives us a perspective on its strength, the driving force behind its growth pattern and why certain areas are thriving in this industry. 

The FinTech Landscape

The review undertaken reported that in the UK, 25 clusters of FinTech were identified. Out of all these 25 different industries, it was found that 10 were high growth FinTechs. Among these ten promising high growth, one is the London superhub, three established clusters of FinTech, and six were emerging in the field. 

The London superhub takes global leadership of FinTech. It consists of two-third of UK FinTech.  It is the gateway to the UK FinTech industry. 

The Established clusters contain 45 percent of scaleups. It occupies a large mass of the ecosystem with at least 50 FinTechs working under it.A considerable number of them are high growths. 

 The Emerging clusters as well are displaying a considerable number of high growths. 

Clusters tend to provide better opportunities in the industry and also helps the ecosystem to sustain better. They respond quicker and quickly adopt newer innovations and technologies. They also hire 25 per cent employees more on the average and offer over 11 per cent higher salaries. 

This strengthens each cluster locally. Coupled with inter-cluster relationship, local leadership, and connectivity, national connectivity within the FinTech Ecosystem thrives and directly contributes towards economic growth of the nation. 

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