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New trade body to put British fintech on the map

It’s more good news for British fintech.

A new body to promote its role as a global industry leader has won £600,000 backing from the City of London Corporation and Canary Wharf Group.

Innovate Finance, previously FinTech UK, will be launched this month and will start with about 50 member companies.

The news comes a less than a week after Santander announced a $100m London-based fund.

Long time coming

The plan for a industry body for fintech has long been on the cards.

The idea was founded by industry experts and senior advisers to David Cameron in November and will finally now become reality.

It is being headed by Claire Cockerton who is currently CEO of Pivotal Innovations and also consulting to the Canary Wharf Group as Head of Innovation Programmes at Level39.

Cockerton says:

We call this a movement. It will champion Britain as the undisputed centre of technology

London’s fintech centre

Innovate Finance will be based at One Canada Square, where fintech accelerator Level39 are already set up.

Members will pay between £1,000 and £50,000 in membership fees each year, depending on their size and wealth.

Cockerton added she hopes to build a team of 10 by the end of the year.