FINTECH
50
T he success of the UK ’ s tech sector is well documented . It leads European tech investment , is the third largest birthplace for unicorns , trailing only the US and China , and it nurtures world-class talent from home and abroad . However , one slice of this already impressive sector stands even taller than the rest . The UK ’ s fintech companies are world leading in every sense of the phrase — achieving the highest investment globally and taking responsibility for kickstarting a revolution in the way that banking operates .
This leadership position wasn ’ t necessarily always the case . The Bank of England , which was responsible for modern banking in the UK , was some 300 years late compared to banks in Italy , when it opened in the late 1600s . Despite this somewhat sluggish start , if we skip forward another 300 years , the UK had fought to establish itself as the highest net exporter of financial services , and cemented its position as one of the world ’ s primary financial hubs .
We ’ re now entering a new age of banking . The fintechs are being handed the torch and are tasked with building upon the legacy of UK banking . With a 61 % growth rate in fintech
FEBRUARY 2020