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 government’s long term economic plan is cementing Britain’s position as the centre of global finance.
“It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s 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 Britain’s 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 Bank’s 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.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
