A new initiative will help companies in the UK’s financial technology (FinTech) sector develop export opportunities.

Announcing a partnership with the recently-created FinTech Alliance, the Department for International Trade (DIT) said the new venture will provide support to FinTech firms in the UK to help them expand onto the global stage.

It will also help them to access funding and to attract international investment and talent, the DIT continued.

Despite having been launched only in June, the FinTech Alliance already has more than 500 member firms and has attracted a number of high-profile backers, including Dun & Bradstreet, Endava, First Data, PwC, Vocalink and White & Case.

The DIT’s involvement with the group will help point members to relevant Government initiatives, leverage the Alliance community for future FinTech missions around the world and build upon its existing relationships within the industry.

There are currently some 1600 FinTech firms in the UK, employing an estimated 76,500 people. Forecasts suggest that the number will double by 2030, by which time the sector could account for more than 100,000 jobs.

However, Alastair Lukies who chairs the FinTech Alliance warns, although the UK is the best place for FinTech in the world, “we have to keep working very hard to maintain that status”.

Commenting for the DIT, David Bartlett observed that, as Alliance members mature and seek to expand their operations overseas, it becomes ever-important to showcase the very best of British FinTech on a global stage.

“It is therefore welcome that the FinTech Alliance will help to power this next phase of growth, engagement and connectivity for one of the UK’s brightest sectors,” he said.

More details of the FinTech Alliance can be found at fintech-alliance.com.

Last reviewed 11 July 2019