A national hub for fintech excellence will formally launch at an event in Leeds today, seeking to boost the sector’s growth and helping it to achieve truly global scale.
At launch event CFIT will announce new coalitions of experts from across finance, technology, academia and policy-making. They will focus on helping fintechs achieve truly global scale, building on the UK’s recent success which saw the UK grow from two ‘unicorn’ firms (over $1 billion valuation) in 2020, to today where we have more than 20 – almost half of all the fintech unicorns in Europe.
CFIT will announce the establishment of financial innovation hubs with comprehensive reach across the UK’s nations and regions – including in key growth centres such as Leeds. The city has seen enormous fintech growth since 2020, with its number of fintech firms more than doubling to 107, and valuation of firms doubling to reach £710 million – supporting over 7,500 jobs.
CFIT’s Chair Charlotte Crosswell will also announce a range of new partnerships she and her team have agreed to support CFIT’s growth ambitions. Further details on these new partnerships, and which areas will be established as innovation hubs will be set out at the event.
Ahead of the launch, the Economic Secretary, Andrew Griffith MP, will be visiting the UK Infrastructure Bank’s (UKIB) site in Leeds, where he will officially open expanded office space for UKIB staff, as they gear up to take on around 280 staff. The Bank currently has around 180 staff, with an increasing number of permanent employees.
Since its introduction 20 months ago, the bank has announced ten significant investments in sectors ranging from solar energy to fibre broadband, and has crowded in £4.6 billion of private finance in the process.
The City of London Corporation Policy Chairman, Chris Hayward, said:
UK Infrastructure Bank CEO, John Flint said:
Today’s announcements deliver on the Chancellor’s ambition for the UK to become a technology superpower, as set out recently in his Bloomberg speech. And they deliver on the Prime Minister’s five priorities, helping to grow the economy.
Further information:
CFIT will announce the establishment of financial innovation hubs with comprehensive reach across the UK’s nations and regions – including in key growth centres such as Leeds. The city has seen enormous fintech growth since 2020, with its number of fintech firms more than doubling to 107, and valuation of firms doubling to reach £710 million – supporting over 7,500 jobs.
CFIT’s Chair Charlotte Crosswell will also announce a range of new partnerships she and her team have agreed to support CFIT’s growth ambitions. Further details on these new partnerships, and which areas will be established as innovation hubs will be set out at the event.
Ahead of the launch, the Economic Secretary, Andrew Griffith MP, will be visiting the UK Infrastructure Bank’s (UKIB) site in Leeds, where he will officially open expanded office space for UKIB staff, as they gear up to take on around 280 staff. The Bank currently has around 180 staff, with an increasing number of permanent employees.
Since its introduction 20 months ago, the bank has announced ten significant investments in sectors ranging from solar energy to fibre broadband, and has crowded in £4.6 billion of private finance in the process.
The City of London Corporation Policy Chairman, Chris Hayward, said:
- The UK’s fintech sector is a true British success story. The launch of the Centre for Finance, Innovation and Technology (CFIT) today will help to maintain our dominant position globally. I look forward to continuing to work in partnership with CFIT to further unleash the potential of this sector.
UK Infrastructure Bank CEO, John Flint said:
- The fact we are anchored in Leeds is a key part of our identity. It aligns with our mission to drive up regional and local economic growth. It also makes us part of a growing movement, with many other significant organisations – for example, Channel 4, the Financial Conduct Authority, and the National Infrastructure Commission – establishing or expanding bases here. I am grateful to the Minister for helping us to mark this milestone, as we expand our presence in the city.
Today’s announcements deliver on the Chancellor’s ambition for the UK to become a technology superpower, as set out recently in his Bloomberg speech. And they deliver on the Prime Minister’s five priorities, helping to grow the economy.
Further information: