24 July 2023

The fintech fairytale continues

Kat Jackson
Head of Client Services

…but are companies’ stories clear?

…but are companies’ stories clear?

When it comes to economic success stories in the current landscape, fintech remains the belle of the British Business Ball. The amazing successes of London fintech in particular are landing weekly, with the announcements of Wise’s shares successes and sound interest rate strategy fuelling profit growth.
This tactic may well have proven – well, exceedingly wise – and in return the capital adds yet another amazing fintech success story to its already bursting bookshelf.
Fintech – in the capital and beyond – is hot property. Of course Westminster is justly making the most of the sector’s continued strong performance too.
The continued innovation shown by the capital’s growing set of fintechs underlines London’s role as a financial centre of excellence and the leading location for investment and M&A activity, one which it is successfully defending from competition including New York, San Francisco and other global cities.
The rising tide for London lifts boats outside of the capital too; Deloitte found that while the London ‘superhub’ reigned supreme, there are at least nine other major locations for fintech growth around the UK, helping to boost opportunities in other regions. Fintech is booming because London’s businesses are great at spotting an opportunity.

CLICK HERE to read the Deloitte report

Many are based on disrupting the status quo, spotting opportunities to enhance and streamline specific points of friction in a sector where heritage systems are rife and which can often be difficult to overhaul and update. So much so, that many fintechs indeed are being called on to integrate with each other, fixing and enhancing the multiple existing sticky points in financial processes within a company’s infrastructure. It also means that sooner or later, these points of failure will be (broadly) fixed. London’s fintech sector needs to create and come up with innovative new ideas if this success story is going to continue.
This creates an interesting landscape, one in which a fintech can be competing for investment and attention against peers in one minute, and asked to ally and integrate with those selfsame competitors the next.
As the capital’s density of fintech businesses continues to grow – from 1600 to double that number by 2030 according to some estimations (click the image to read the FT Adviser article), making sure that business is recognisable, to those investor partners, to other fintech peers, and to those financial institutions whose problems you are fixing, is imperative.
It’s also difficult, when those business founders are focused on building that solution, potentially entrenched in both financial and technological worlds and the associated jargon, and carrying the responsibility of running an enterprise at the same time. Clarity of a business narrative and its proposition is vital, but often hard to achieve via a standard elevator pitch approach.
One of London’s greatest strengths as a business capital has always been its diversity and business variety. When it comes to the number of other sectors which can support fintech in its growth and continued success, opportunities literally abound. Fintech founders who need to focus on their solution have numerous options in businesses around them who can help them to shape their stories and connect with the people they need – providing definition, clarity, and consistency of business messaging.
By seizing these opportunities, the fintech fairytale can shift into a Chinese whisper of shared success stories around the city, and beyond.
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