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October 12, 2022   Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Leadership, Competition, Human Capital, Health, Research   No comments

EY Handbook: Key Priorities for Fintechs to Sustainably Grow from Start-up to Scale-up

EY UK | Christopher Woolard, Tom Bull, Anita Kimber, and Tom Hill | Oct 11, 2022

EY Fintech scale up handbook - EY Handbook: Key Priorities for Fintechs to Sustainably Grow from Start-up to Scale-upThe impressive rise of the UK FinTech sector can be attributed largely to firms that have managed a successful transition from start-up, to scale their businesses to reach more customers, expand internationally and make an exponentially larger impact. This transition can be very difficult to make even for firms that have great technology, attractive products and experienced leadership teams. Indeed, the Kalifa Review – an independent, Treasury-commissioned study of UK FinTech’s growth opportunities – identified the scale-up stage as one of the most difficult points for UK FinTechs.

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Scale-up definition: While the precise definitions of scale-ups can vary, 20% growth in both revenue and employee headcount for at least two years is a fairly common benchmark. To be clear, the growth journeys of both start-ups and scale-ups are fluid and non-linear and each face unique challenges and opportunities.

1. Develop and motivate a winning team: While a clear vision, an ambition to innovation and sophisticated technology are all key components of FinTech success, a skilled, motivated and cohesive team might be the single most important factor.

2. Manage complex risks and regulations: A strong risk management framework goes beyond regulatory compliance to strengthen decision-making in support of sustainable growth. In addition, many firms have to navigate authorisations as their business grows.

3. Build effective, resilient and scalable tech and operations:  Agile-at-scale frameworks can be viable solutions for some firms navigating this challenge.

4. Sharpen customer focus and engagement: Most scale-up FinTechs need to sharpen their value propositions to attract mainstream consumers and adopt more sophisticated, insight-driven marketing techniques to extend reach and strengthen engagement.

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5. Finance and funding with speed, rigour and insight:  need strong finance teams to address reporting and tax requirements and navigate more detailed regulatory scrutiny and contribute to informed and confident decision-making  Highly automated processes for reporting, reconciliation and other core tasks free finance teams to focus on insight generation and high-value work.

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NCFA Jan 2018 resize - EY Handbook: Key Priorities for Fintechs to Sustainably Grow from Start-up to Scale-upThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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