The idea for the project was inspired by a report which indicated the challenges currently facing the financial technology sector. London has a larger fintech sector than its two prominent rivals, Silicon Valley and New York City.
The groups founding members include prominent fintech startups like Transferwise, Duedil, Crowdcube and Monitise.
Claire Cockerton, CEO of Innovate Finance, said: The time has come for radical transformation of the financial services industry. Whether you are a consumer, banker or young entrepreneur we all see enormous potential for innovation and growth in the financial services sector.
“Innovate Finance will be a pro-active members organisation dedicated to convening and accelerating visionary innovators, leading with our founding members.”
Speaking at the launch, George Osborne, the chancellor of the exchequer, said: “Key to the governments long term economic plan is cementing Britains position as the centre of global finance.
“Its only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that well ensure Britains financial sector continues to meet the diverse needs of businesses and consumers here and around the globe.”
Osborne committed the Government to a range of measures designed to support Britain’s burgeoning fintech sector including:
- A consultation on a new strategy for Britains digital communications infrastructure.
- A major new review examining how the technology that serves the financial sector will evolve in the future, to be lead by the Government Office for Science.
- A 100m extension of the British Business Banks successful Investment Programme, which addresses long-standing gaps in the finance market for smaller businesses.
- A significant new push by UK Trade & Investment (UKTI) in overseas markets to promote Britain as the best place in the world to set up and develop a FinTech firm, and attract inward investment to the sector.