U.K. fintech is transforming the global financial industry, and revolutionising the way we think about money.

As the largest financial hub in the world, the U.K. is renowned as a centre of financial services excellence and is home to the widest variety of organisations – everything from the world’s most established banks to the most pioneering fintech start-ups.

Now, thanks to a focus on technology, the U.K. has become a hub for financial services innovation – making fundamental changes in the way we manage our money, whether it be saving, spending, investing, or borrowing.

Europe’s Fintech Capital

The fintech industry is worth around 7 billion British pounds to the U.K. economy and employs over 60,000 people across the U.K. Regarded as Europe’s fintech capital, the British industry spans many technologies, from mobile payments and digital banks, to bitcoin and blockchain. Collectively these technological developments have kept the U.K.’s financial services sector at the cutting edge of innovation, increased competition and choice in banking, and helped customers and businesses to get better services.

At least four U.K.-based fintech businesses are now worth over $1 billion – and seven more fintech companies are expected to join ranks of this group soon. In fact, there are more fintech unicorns in the U.K. than anywhere else in Europe.

Capturing the Imagination of Customers

Atom Bank has revolutionised the way consumers communicate with their banks – foregoing physical branches and engaging users purely through its smartphone application. Capturing the imagination of customers, it has now amassed more than 1 billion pounds in deposits and is one of the fastest-growing businesses in the UK.

Similarly, Monzo, has taken the world by storm by offering a transparent, debit service for customers, while Starling’s mobile-only bank that puts people and their financial control at the heart of its offering is also off to a flying start.

True Potential, a British fintech start-up that offers a new, digital-first approach to wealth management – made it into the Deloitte Technology Fast 50 three years in a row, showing its rapid growth.

Open for Collaboration

The U.K. fintech industry is global by its nature and open for collaboration. There are many reasons why an international business seeking the best in financial services innovation should partner with British fintech companies. The U.K. is one of the leading locations for financial services in Europe, coupled with a sophisticated talent pool that supports innovation; a vibrant and supportive ecosystem of financial and related professional services; and a strong and responsive regulatory environment that engenders confidence and stability.

Spotting the importance of the U.K., the U.S. firm Citigroup selected London as the site of its latest innovation lab network. Focusing on developing advanced technologies including data visualisation and high-tech computing, the decision will further bolster the city’s fintech expertise.

As Tom Helm, Head of FinTech and Banking Innovation at the U.K.’s Department for International Trade, outlines:

«The U.K. continues to be a leading centre of financial services innovation and its position at the forefront of the fintech revolution showcases the concerted effort of government, regulators and industry to drive advances across the sector. We at the Department for International Trade remain committed to supporting the British fintech sector in making the right contacts with their global counterparts to take advantage of trading opportunities across the world.»

These are just some examples of how British fintech innovation is leading the way in revolutionising global financial services.

  • Find out more about how innovative British fintech can support your organisation by clicking here.