It was good to be back at the Innovate Finance Global Summit, UK Fintech’s Week flagship event, this week.
Throughout the panel sessions and conversations with audience members – including founders, investors and policymakers – ran a distinct buzz of excitement about the current state of UK fintech.
There’s no doubt that fintech is enjoying a moment in the sun. When investment in the sector dropped by 34% in 2023, there were concerns among some commentators that the “jewel in the crown” of UK tech had lost a little of its sparkle.
But recent numbers make clear nothing of the sort has happened, as last year fintech companies reported record-breaking growth.
Allica Bank is now the UK’s fastest-growing private company having doubled its profits to nearly £30 million, while Revolut expanded its customer base to more than 52 million, surpassing several incumbent competitors....