The UK’s lucrative fintech sector received a boost as the Chancellor, Rishi Sunak, confirmed a new fast-track visa system to ensure the sector maintains its status following Brexit.
It comes after the Kalifa Review of UK fintech, which urged the government to act fast amid a deeply competitive market, with other regions looking to grow their status within the industry.
Commenting on the fast track visa scheme for startups and high growth companies, Rafa Plantier, Head of UK & Ireland at Tink said: “The UK has always been a fintech pioneer and the driving force behind the legislation that ushered in the era of open banking. We must continue to nurture our start-up culture but, crucially, we must also give high growth UK firms access to the global talent they need to flourish internationally.
“To make this happen, it’s vital that not only should the UK have access to people with the right technical skills, but also to those who have spent time with ambitious, rapid growth businesses from around the world — and who can bring this experience to bear on the UK fintech sector.
“The new visa presents a golden opportunity for the UK to continue to trailblaze in fintech — encouraging entrepreneurialism, investment and growth. Doing this will ensure UK tech companies have access to the global market opportunities they deserve to foster innovation and to keep making waves in the fintech industry.”
The UK currently boasts more than 10 per cent of the global market share in fintech – the sector is now reported to be worth more than £11 billion a year to the UK economy.
Revolut, Monzo and Cazoo are three of the sector’s most imperative players and are based in the UK’s capital. Securing their status in London will be key if the city is to be continually considered as a beating heart of the burgeoning trade.
