Tuesday 27 August 2019 12:01 am

Tech founders warn UK at risk of losing global fintech crown

Tech founders have warned that the UK is at risk of losing its position as the global fintech leader.

Sector leaders urged the government to “not be complacent” about the country’s fintech crown, as a new survey revealed that founders were concerned about access to talent and capital and the potential impact of Brexit. 

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A survey of 50 fintech founders, including Crowdcube, iWoca and Lendinvest, found that 63 per cent believe the UK is the global leader in the sector. 

However, only 33 per cent of respondents said that will still be the case in the next five years.

More than half of the respondents to the survey published today by the Digital Finance Forum called on the government to appoint a Secretary of State for Technology to maintain Britain’s reputation as a fintech hub.

The survey also revealed that 69 per cent of founders are worried about the impact of Brexit on their businesses and 66 per cent want a better visa system to encourage high skilled, high demand workers.  

However, most founders were also more optimistic about their businesses than they were at the beginning of the year.

Christian Faes, chair of the Digital Finance Forum and co-founder of Lendinvest, said: “The Digital Finance Forum is facilitating a dialogue and asking those who are actually at the coalface of building the fintech sector, what they think and how the government might be able to help.

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“The UK must not be complacent about being the world leader in Fintech – and there’s definitely a feeling from Fintech founders, as revealed through this survey that this threatens to be the case.

“There is clearly an opportunity with the new government to make the fintech sector a priority again.”

“There is clearly an opportunity with the new government to make the fintech sector a priority again.”