New national hub for fintech to be launched at the Leeds event

• A new government-backed national hub for fintech will be formally launched at an event in Leeds on Tuesday (28), boosting growth and innovation in the UK

• The Center for Finance, Innovation and Technology (CFIT) will champion the UK’s world-leading sector, helping businesses achieve truly global scale

• UK Infrastructure Bank has today (February 28) also announced that it is expanding its presence at its Leeds office – as it prepares to create around 280 jobs

The Center for Finance, Innovation and Technology (CFIT) is the first of its kind in the world and is supported by £5.5m of funding from the Treasury and the City of London Corporation.

This new body seeks to build on the dominance of the UK’s fintech sector – which supports around 2,500 firms, tens of thousands of UK jobs, and is second globally to the US for fintech investment – ​​ahead of economic giants such as China and India.

It will provide a much-needed boost to people and businesses up and down the country, enabling them to take advantage of new waves of technological change and innovation – expanding consumer choice, cutting costs and increasing business efficiency.

Economic Secretary to the Treasury, Andrew Griffith said:

The UK is a world-leading location for fintech growth and investment – ​​it’s a real UK success story and one that is spread across the UK. Today’s launch of the Center for Finance, Innovation and Technology doubles down on this, and increases 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 in much-needed infrastructure – using its £22 billion of taxpayers’ money to help communities across the UK.

Charlotte Crosswell OBE, Chair of CFIT, said:

The launch of CFIT today represents an important moment for the UK’s fintech sector and our wider economy. This organization will enable us to come together as a sector to begin breaking down barriers facing the fintech sector, while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success .

Today’s announcement marks an important first step in our work to support the growth and development of the UK fintech sector by empowering its talented innovators and trailblazers in every corner of the country.

Ron Kalifa, Chairman of Network International and author of the Kalifa Review of UK Fintech, said:

I am thrilled to see the Center for Finance, Innovation and Technology (CFIT) – one of the key recommendations of the Kalifa Review 2021 – launching in Leeds today.

The center will be instrumental in promoting collaboration between industry, academia and decision-makers, promoting innovation and boosting the adoption of new technology for companies 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 effect it will have across the UK in the weeks, months and years to come.

The center has been established in response to Ron Kalifa’s review of fintech in the UK. Since this report was published in 2021, the government has worked across industry and regulators to follow through on its recommendations, including introducing a fast-track visa system for fintech scale-up, implementing an FCA scale box that allows innovators to trial new products, and reforming our listing regime for to maintain the UK’s position as Europe’s dominant hotspot for capital markets.

At the launch event, CFIT will announce new coalitions of experts from across finance, technology, academia and policymaking. They will focus on helping fintechs achieve truly global scale, building on the UK’s recent success which saw the UK grow from two ‘unicorn’ firms (over $1bn valuation) in 2020, to today where we have more than 20 – almost half of all fintech unicorns in Europe.

CFIT will announce the creation of financial innovation hubs with wide reach across the UK’s nations and regions – including in key growth centers such as Leeds. The city has seen huge fintech growth since 2020, with the number of fintech firms more than doubling to 107, and the valuation of firms doubling to reach £710 million – supporting over 7,500 jobs.

CFIT Chair Charlotte Crosswell will also announce a number of new partnerships that she and her team have agreed to support CFIT’s growth ambitions. More details about these new partnerships, and which areas will be established as innovation hubs, will be presented at the event.

Ahead of the launch, the Financial Secretary, Andrew Griffith MP, will visit the UK Infrastructure Bank’s (UKIB) site in Leeds, where he will officially open extended office space for UKIB staff as they prepare to take on around 280 staff. The bank currently has around 180 employees, with an increasing number of permanent employees.

Since its introduction 20 months ago, the bank has announced ten significant investments in sectors ranging from solar to fiber broadband, injecting £4.6bn of private funding in the process.

City of London Corporation Chairman Chris Hayward said:

The UK’s fintech sector is a true British success story. The launch of the Center for Finance, Innovation and Technology (CFIT) today will help maintain our dominant position globally. I look forward to continuing to work in partnership with CFIT to further unlock the potential of this sector.

UK Infrastructure Bank chief executive John Flint said:

The fact that we are rooted in Leeds is a central part of our identity. It is in line with our mission to boost regional and local economic growth. It also makes us part of a growing movement, with many other key organizations – such as Channel 4, the Financial Conduct Authority and the National Infrastructure Commission – setting up or expanding bases here. I am grateful to the Minister for helping us mark this milestone as we expand our presence in the city.

Today’s announcements deliver on the Chancellor’s ambition for the UK to become a technological superpower, which was recently expressed in his Bloomberg speech. And they deliver on the Prime Minister’s five priorities, and contribute to increasing the economy.

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