National hub for fintech excellence opens in Leeds
A national hub for fintech excellence opened in Leeds this week, backed by £5.5m of Treasury and City of London Corporation funding.
The Centre for Finance, Innovation and Technology (CFIT) will “champion the UK’s world-leading sector, helping firms to achieve truly global scale,” the Treasury said.
“This new body seeks to build on the dominance of the UK’s fintech sector – that supports around 2,500 firms, tens of thousands of jobs in the UK, and is second globally only to the US for fintech investment – powering ahead of economic behemoths such as China and India.”
At the launch event, the UK Infrastructure Bank also announced that it is expanding its presence at its Leeds office as it looks to create around 280 new jobs.
Read more: Centre for Finance, Innovation and Technology names CEO
“The UK is a world-leading location for fintech growth and investment – it’s a real British success story and one that’s spread across the whole UK,” said Andrew Griffith, Economic Secretary to the Treasury.
“The launch of the Centre for Finance, Innovation and Technology doubles down on this, boosting prosperity and investment in exciting cities for growth and innovation such as Leeds.
“It’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure – using its £22bn of taxpayers’ money to help communities across the UK.”
The Centre has been established in response to Sir Ron Kalifa’s 2021 review into UK fintech. Since its publication the government has been working with industry and regulators to deliver on the recommendations, including introducing a fast-track visa system for fintech scale-ups, implementing an FCA scale box allowing innovators to trial new products and reforming the listings regime.
Read more: Kalifa review to call for independent fintech body
“I am thrilled to see the Centre for Finance, Innovation and Technology launch in Leeds,” said Ron Kalifa, who is also chairman of Network International. “The Centre will be instrumental in fostering collaboration between industry, academia and policymakers, promoting innovation, and turbo-charging the adoption of new technologies for businesses and consumers.
“I have no doubt that it will enable the UK’s fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come.”
CFIT announced its intention to establish financial innovation hubs across the UK, including in key growth centres such as Leeds. It said the city has seen enormous fintech growth since 2020, with its number of fintech firms more than doubling to 107, and valuation of firms doubling to reach £710 million, supporting over 7,500 jobs.
Read more: Ron Kalifa to lead development of new fintech centre