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Moreover, the UK’s fintech sector boasts a 61,000 strong workforce –
comprised of a greater number of employees than the combined fintech workforces of Singapore, Australia and Hong Kong altogether. The reason Britain has become a global
centre for fintech innovation can be attributed to a business ecosystem that naturally encourages and propels entrepreneurs to push boundaries and deliver exciting new products and services. Fintech firms, in the UK, are flourishing as a result of a domestic market more than willing to adopt new technologies. Combined with improvements in the
availability of growth capital to support long-term scale-up support, brought about by the alternative-finance revolution and targeted government initiatives, Britain has well and truly fortified its position as a global leader in fintech.
The future Looking to the future, there is speculation that Britain’s withdrawal from the European Union (EU) could undermine productivity and innovation, with businesses seeking security and certainty in other markets. While there is no denying the significance
of Brexit, there is no indication that the UK’s alternative-finance industry will be negatively affected. Over eight months after the EU-referendum announcement, it was
revealed that Britain boasts more billion- dollar fintech companies than the rest of mainland Europe combined. Moreover, there are currently four fintech unicorns – companies valued at £780m or more – based in the UK. Based on these statistics, it seems the Brexit announcement has presented few impediments to the growth ambitions of the sector. This brings me back to P2P – a sector that
I see the industry continuing to expand over the course of the next decade, consolidating its position on the market
has experienced an unprecedented level of market expansion over the past five years. I see the industry continuing to expand over the course of the next decade, consolidating its position on the market and opening its services to more investors and businesses. During this time, it is important that P2P
platforms do not become complacent, but continue to provide flexible, transparent, and effective access to finance for borrowers and lenders during this important time of economic transition. CCR
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www.CCRMagazine.co.uk
June 2017
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