Banks and startups rally behind UK fintech industry post-Brexit in fresh push to keep Britain a world leader

Lynsey Barber
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Sunrise Over Canary Wharf - The European Headquarters Of Numerous Major Banks
Fintech hub Level39 has gathered banks to be cheerleaders for the sector (Source: Getty)

Banks and startups are rallying behind the fintech industry in a fresh push to keep Britain ahead as a world leader in the high-flying and innovative sector after Brexit.

Several of the world's leading banks have vowed to support fintech startups in the UK, while entrepreneurs have promised to remain here rather than moving their businesses abroad to another European city.

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Barclays, HSBC, Lloyds and UBS are among more than 20 financial institutions and up and coming tech companies to have put their name to the industry drive, led by the Canary Wharf fintech hub Level39.

“Against a backdrop of market uncertainty and Brexit negotiations, now is the time to start telling a more positive story about London’s continued position as the leading fintech ecosystem in the world," said its head Ben Brabyn.

Putting their weight behind the industry, estimated to be worth billions per year to the economy and growing, top banking executives indicated the importance of it to the wider banking sector.

"Startups give the opportunity for incumbents to regain the trust that was lost through the financial crisis," said Lloyds global head of technology, media and telecoms James Schofield.

"By working together, we will resolve today’s significant social and economic challenges.'

Investec head of fintech and innovation John Elliott added that "technologies built in the UK are designed to work globally, whereas other ecosystems tend to simply work domestically".

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The group, which also includes top executives from Aviva, Mastercard and Fidelity as well as peer-to-peer lender Zopa, digital mortgage firm Trussle and technology advisers GP Bullhound, expects more banks and startups to jump on board with the "road map" for fintech.

“London is one of the world leaders of fintech," said Tech London Advocates founder Russ Shaw. "The dynamism and creativity is world leading and we have to push forward in saying ‘Brexit or not, we are still going to be a leader in fintech.”

The latest efforts come in addition to the creation of the Fintech Delivery Panel (FDP), an effort by the UK Treasury and industry group Tech CIty UK with support form across the industry to promote fintech after Brexit.

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