Backed by £5.5 million of Treasury and City of London Corporation funding a national hub for fintech excellence has been formally launched at an event in Leeds, seeking to boost the sector’s growth and helping it to achieve truly global scale.
The Centre for Finance, Innovation and Technology (CFIT) is the first of its kind in the world, and seeks to build on the dominance of the UK’s fintech sector, supporting around 2,500 firms and tens of thousands of jobs in the UK, and which is second globally only to the US for fintech investment – powering ahead of economic behemoths such as China and India.
It will provide a much-needed boost to people and businesses up and down the country, enabling them to benefit from new waves of technological change and innovation – widening consumer choice, cutting costs, and increasing efficiency for firms.
Economic Secretary to the Treasury, Andrew Griffith said: “The UK is a world-leading location for fintech growth and investment – it’s a real British success story and one that’s spread across the whole UK. Today’s launch of the Centre for Finance, Innovation and Technology doubles down on this, boosting prosperity and investment in exciting cities for growth and innovation such as Leeds.
“It’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure – using its £22 billion of taxpayers’ money to help communities across the UK.
Charlotte Crosswell, Chair of CFIT, said: “The launch of CFIT today represents a significant moment for the UK’s fintech sector and our economy more widely. This organisation will enable us to come together as a sector to start breaking down barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success.
“Today’s announcement marks an important first step in our work supporting the growth and development of the UK fintech sector by empowering its talented innovators and trailblazers in every corner of the country.”