Scottish duo join national fintech programme

Tech Nation is the UK network for ambitious digital tech entrepreneurs.

The cohort includes some of the UK’s most promising fintech startups and reflects major trends in the fast maturing fintech sector where the UK is an acknowledged global leader.

The companies selected offer innovation right across the financial services sector from consumer solutions to business to business ventures, demonstrating how fintech has the potential to dramatically improve the provision of essential services like payment solutions and banking.

With capital invested in fintech reaching record highs in 2017 and poised to soar even higher this year, the fintech sector now boasts hundreds of startups keen to get a foothold in the financial services market. The Tech Nation Fintech programme is targeted at those rapidly growing early-stage companies and is one of the key measures announced by HM Treasury in its Fintech Sector Strategy earlier in the year, to support the development sector at a national level.

The average age of the fintech companies chosen to join the programme is three years old. Just over half (12) are business-to-business startups, while four are B2B2C and four are hybrid B2B/B2B2C companies.

Over five months, the cohort will get the chance to work with and learn from some of the most talented fintech entrepreneurs in the UK on key topics such as scaling challenges, partnerships with incumbents, regulations and international expansion. These insight sessions will take place in London, Edinburgh, Manchester and Leeds to encourage cross-country networking.

John Glen MP, Economic Secretary to the Treasury said: “Our vibrant fintech sector continues to go from strength to strength, and it’s no wonder that UK fintech has received more investment so far this year than US fintech. I’m thrilled to see Tech Nation’s fintech programme launch with such a strong cohort of dynamic young companies – I have no doubt they’re destined for amazing things.”

Eileen Burbidge, Chair of Tech Nation, HM Treasury’s Special Envoy for Fintech, Chair of the Fintech Delivery Panel and Partner at Passion Capital, who was one of the judges for the programme, said: “The UK is an acknowledged world leader in fintech but having this programme, endorsed by HM Treasury, will help the UK to further accelerate the development of the sector. The calibre of applications for the Tech Nation Fintech programme was incredibly impressive with a wide breadth of business models. The companies chosen have already demonstrated that they are winners and will certainly have many more successes to come.”

Gregoire Michel, the Tech Nation Fintech programme lead, said: “When we devised Tech Nation’s first fintech programme we anticipated that entrepreneurs were increasingly building great companies in the regions. The number of applications we received from the regions bore out this hypothesis and while London remains the most important fintech cluster in the UK we are delighted that more than a third of the first cohort will come from outside London.”

Louise Smith, fintech envoy for Scotland and head of design in personal and business banking at RBS, said: “I’m thrilled to see two Edinburgh startups have been chosen to join the first ever Tech Nation Fintech Programme. After London, Scotland turns out the most fintech related graduates in the UK – 12% of the annual pool of 97,000 graduates. Fast-growing fintech startups like Float and Sustainably will make sure that Edinburgh continues to be a thriving financial centre for decades to come.”

Colin Hewitt, CEO of Float, said: “There is always so much value to be had from peer learning, and building relationships with other founders that will last. Adding into that the mentorship, and experience from industry leaders, made the programme difficult to resist.”