For more than a decade, the innovative tools and services created by UK FinTech have had a profoundly positive impact on the lives of everyday people. Whether it is supporting first-time home buyers, helping hard working people grow their savings and make their money work better for them, helping families navigate the cost of living crisis, or putting financial education at people’s fingertips, FinTech is delivering tangible economic and social impact across the country.
More than 68% of all SME lending across the country is today being done by challenger banks and alternative lenders – FinTech is truly powering up the engine of our UK economy. Moreover, FinTech is the subsector of financial services which continually sees the highest level of job creation, driving growth in every corner of the UK.
And despite the repeated economic headwinds we have faced as a nation over the past decade, FinTech has remained one of the UK’s true and undisputed growth success stories on both the domestic and global stage. It is a prime example of a sector where collaboration between industry, government and regulators have enabled the UK to be genuinely world-leading – we have secured more investment into FinTech than any other country in the world bar the United States, and we far surpass our European peers.
FinTech has already proven itself as a tremendous force for good for the UK, driving hugely positive impact to families and small businesses across the country – and we stand at the ready to deliver even more.
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