Lord Bilimoria and the CBI aren’t wrong. Businesses need all the support they can get against a backdrop of slow post-pandemic economic growth.
The UK has one of the most advanced fintech ecosystems in the world and we’re proud to run initiatives that help them launch to market, meet new partners, and reach the scale they need to supercharge growth. In this rich environment, small businesses must tap into the “flotilla of benefits” on offer from UK fintech – but too often this isn’t possible.
Despite accounting for around 36 per cent of turnover in the UK private sector and 48 per cent of the labour force, there are still barriers that prevent small business owners accessing the technology they need.
In a digital world all small businesses need the right technological tools and skills to not only survive but thrive. Mastercard research uncovered the benefits technology brings to the table, such as time saved, customers acquired and increased revenues. In fact, accessing digital tools is one of the top three factors in helping small business owners achieve future revenue growth – collectively estimated at up to £827bn over the next five years.
The UK is home to thousands of global innovators, ambitious entrepreneurs, and the world’s most creative minds. If we don’t empower them to access the technology needed to grow, we risk wasting this huge potential and stifling economic recovery.