A Tech Nation programme to support the UK's financial technology startups demonstrates the increasingly diverse range of business-to-business products and services available through the country's fintech community
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Tech Nation startup programme demonstrates richness of UK fintech
Computer Weekly | Karl Flinders | Sep 13, 2018
A Tech Nation programme to support the UK's financial technology startups demonstrates the increasingly diverse range of business-to-business products and services available through the country's fintech community
Financial technology (fintech) is providing a market where IT professionals in the finance sector and beyond can find answers to their business challenges through specialist tech startups.
UK-based CIOs have the benefit of having these fintech startups on their doorstep.
UK government-backed startup network Tech Nation has selected 20 such fintech startups to take part in a five-month programme that aims to scale up early-stage companies.
The programme’s business-to-business (B2B) focus demonstrates that beyond the high-profile digital challenger banks and payments companies targeting consumers with funky apps, there is a deep source of niche financial services IT innovation in the UK.
Fintech solutions begin life as an idea about how to use technology to solve a particular financial services problem. The speed of software development today means products can quickly follow.
See: UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
But the challenges really begin when it comes to turning a great idea into a commercial success. This is where the likes of Tech Nation come in.
Growing appetite for fintech
In its first guise, Tech Nation was launched in Shoreditch in 2011, by then prime minister David Cameron, to support the East London tech cluster known as London Tech City. It initially offered broad support across the UK tech startup sector, but such is fintech’s rise, Tech Nation has introduced a dedicated fintech support programme.
This not surprising, as the appetite for fintech products among financial firms, their customers and investors is insatiable – and the UK finds itself on the top table.
Fuelled by the $12.9bn deal that saw Vantiv acquire WorldPay, investment in UK fintech in the first half of 2018 reached $16bn, compared with $14bn in the US and just more than $15bn in China.
Meanwhile, the take-up of financial technology, and its impact on the global finance sector, is overt. Recent figures from the European Banking Federation revealed that European retail banks shut down 5,900 branches in 2017. This was brought about by the arrival and widespread acceptance of online banking and mobile banking apps. Banks simply do not need as many branches because people prefer the convenience of managing their money on their smartphones.
See: Ontario government invests in fintech to boost small-business lending
Helping fintech startups level up
Tech Nation is providing a guide rope to early-stage UK fintechs trying to find their footing. These small companies already have some customers and are generating revenues, but need to move to the next level.
With a background in the trading sector, fintech and venture capital, Greg Michel is heading up that support programme at Tech Nation.
He told Computer Weekly the latest programme was focused on fintech firms that supply other businesses, rather than those going direct to consumers like many of the better known fintech operators.
When choosing participants for the programme, it sought fintech startups that had already raised a bit of money, had some customers on board and were generating revenue. “They are viable propositions, not just two men and a dog in a garage or [bigger] with 30 people in their own office,” said Michel.
“They have a product, they have sold it so have some traction, and are making a bit of money. So they have something going for them, but they need to be accelerated.”
Learning the ropes
The 20 fintech startups taking part in the Tech Nation programme will receive coaching in how to scale a business. At the moment, the participating companies each have 15 staff, on average, with average revenues of £250,000.
Coaching in scaling involves teaching entrepreneurs how to build a more established business, which will include the likes of human resources management, incentivising salespeople and finding the right partners. This can be a significant challenge for startups, which often have a background in technology or another specific area of business.
See: Canadian governments must double-down to foster tech boom here
Michel said the programme was “a vector of knowledge transfer” from those who have previously built unicorns and large companies to those who aspire to do the same.
“We hope the entrepreneurs will take lessons from this that would normally take years of experimentation,” he added.
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