Tech Nation to close after loss of government grant
Fintech growth platform Tech Nation is set to close at the end of March, after losing a core government grant.
In September 2022, the government opted to give its £12.09m digital growth grant to Barclays Bank rather than Tech Nation, and the decision was confirmed earlier this month. Without the funding, Tech Nation said that it was unable to continue its work.
“With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis and the unique Tech Nation model that we have built upon this foundation can no longer be supported,” said Tech Nation’s chief executive Gerard Grech.
“We have helped champion and support innovators in everything from AI to fintech to climate tech and more. In doing so, we have helped spread digital growth and jobs nationwide.
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“I want to express my sincere thanks and gratitude to the Tech Nation team, to our ecosystem partners and all the inspirational innovators and entrepreneurs we have worked with along the way,” he added.
“I am grateful to the government’s support over nine years, and feel proud of all we achieved. It has been an incredible journey. Together we have made the UK tech economy a global powerhouse for tech talent and now third in the world for tech investment, after the US and China.”
The platform will cease operations on 31 March 2023, and has entered into redundancy discussions.
Tech Nation has played a key role in growing the UK’s fintech sector, and has supported peer-to-peer lenders and other alternative lending platforms such as Funding Circle, CrowdProperty, Plend, and Abundance.
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