Innovate Finance, FinTech Scotland and FinTech North have collaborated and unveiled the creation of a new nationwide network.

The FinTech National Network aims to encourage innovators in the UK sector to connect and form multiple FinTech hubs and centres of excellence.

The network will focus on mutually beneficial initiatives, such as skills and talent, capital and investment and diversity, whilst constantly seeking opportunities to connect respective fintech ecosystems across the UK.

Furthermore, the three firms disclosed there will be opportunity in the future to reach  international markets as well.

Stephen Ingledew, CEO of FinTech Scotland noted: “Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises.”

Fintech Scotland was established by the Scottish Government, the financial services sector and the University of Edinburgh in order to ensure that Scotland seizes ever present fintech opportunities.

Ingledew concluded: “With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”

The network believes it is now “essential” to highlight the work that comes from UK startups, scale-ups and institution.

In 2018, the UK had its best year in terms of investment
(over $3.3 billion) – 18% higher than 2017, which was in turn over double 2016 investment levels.

These funding levels place the UK third only to China and the US.

Chris Sier, chairman of FinTech North & HM Treasury FinTech Envoy, explained: “Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.

Since 2016 FinTech North has delivered over 35 events across the north of England, drawing over 4000 attendees from over 600 different organisations, with speakers from 21 different countries.

Sier continued: “London’s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.”

Founded in 2014 and supported by the City of London and Broadgate, Innovate Finance is a not-for-profit  independent industry body whose mission is to “accelerate the country’s leading position in the financial services sector by directly supporting the next generation of technology.”

“I am delighted that we will be working closer with FinTech Scotland and FinTech North across the UK,” said Charlotte Crosswell, CEO of Innovate Finance.

“Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”