IoD launches fintech group
The Institute of Directors (IoD) has launched a special interest group to boost the UK’s fintech sector.
The IoD Finance and Fintech Group was launched at the trade body’s headquarters in London, according to Finextra.
Its City of London chair, John McLean, said at the launch that the country’s fintech sector is “world class”.
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“In a time when Global UK is starting to find its feet, I believe that the IoD’s fintech group can contribute to our country,” he added.
The UK’s fintech sector accounts for around 80,000 jobs.
Research from trade body Innovate Finance, published in July, found that investment in UK fintech grew by 24 per cent in the first half of this year to $9.1bn (£8.2bn).
In contrast, global fintech investment flatlined, with $59bn invested globally during the first half of 2022 – the same amount as the first six months of 2021.
“It is fantastic to see that UK fintechs are continuing to secure outstanding levels of investment – this is a testament to the strength of our ecosystem, including our innovative entrepreneurs and founders, strong and diverse talent pool, and a supportive government and regulatory framework,” said Janine Hirt, chief executive of Innovate Finance, at the time.
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