Funding Circle and Zopa urge chancellor to back fintech sector
Funding Circle and Zopa are among signatories who have written to the chancellor asking to ensure the UK doesn’t “rest on its laurels” when it comes to how the fintech sector can support the UK economy.
Trade body Innovate Finance has written to chancellor Rishi Sunak urging him to follow the Kalifa Review recommendations to boost the UK’s fintech sector so it can help the country’s economic recovery.
Its members include peer-to-peer lenders such as Funding Circle and Zopa as well as challenger banks such as Starling and Monzo.
The group would like the chancellor to implement recommendations from the review such as helping UK fintechs expand overseas and to launch a new Centre for Finance, Innovation and Technology between government and industry that would create better fintech infrastrucutre and support for jobs.
Read more: Innovate Finance: Covid-19 has shown importance of fintech
The letter said fintech has the potential “to be one of the UK’s most successful industries and exports in a post-Brexit world, in addition to evolving our financial services sector.”
“The UK cannot afford to rest on its laurels,” the letter said.
“We must do all we can to capitalise on our current position of strength, ensuring that the UK benefits from the sector’s significant potential to stimulate economic growth and create new jobs, to bring investment to our ecosystem and deliver new opportunities for reskilling employees.”
Read more: P2P lenders back Kalifa recommendations
