INNOVATE FINANCE, A NEW INDUSTRY BODY FOR THE UK FINTECH INDUSTRY, LAUNCHES TODAY IN LONDON WITH OVER 50 FOUNDING MEMBERS

Launched by the Chancellor of the Exchequer, the City of London Corporation and the Canary Wharf Group, Innovate Finance will be the voice of UK fintech

Innovate Finance, an industry body established to promote the interests of the UK’s rapidly growing financial technology (fintech) sector, launched in London. Held at Level39, the launch was attended by over 250 of the country’s most senior representatives across the fintech community, financial services industry, government and media.

Innovate Finance is a new industry organisation that will accelerate the UK’s leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators – whether they be young start-ups or established industry players. The body aims to be the voice of a new movement that believes in the immense transformative power of technology to improve every aspect of banking, finance and commerce. It will champion the UK as the undisputed centre of sustainable financial services and technology innovation, cultivate business opportunities for start-ups and drive diversity of choice for consumers.

The organisation launches today with over 50 founding members (refer to Editor’s Notes below for details). It will provide a single point of access to key industry influencers, clients, technologies, talent, finance and international marketplaces. Members are currently comprised of pre-revenue startups and multinational corporations across the insurance, retail & investment banking, technology, payments, remittance, crowdfunding and alternative finance sectors, among others. Driven by a team of fintech entrepreneurs, the organisation is wholly dedicated to growing the UK fintech sector.

Innovate Finance is supported by the City of London Corporation, as lead sponsor. The Canary Wharf Group plc is a founding sponsor committing funding and high-tech office and events space. The body is led by CEO Claire Cockerton, with a Board of Directors that includes fintech leaders such as Nick Hungerford of Nutmeg, Justin Fitzpatrick of DueDil, and Alastair Lukies of Monitise Plc, who will serve as the organisation’s Non-Executive Chairman.  An Advisory Council of industry experts includes Eric Van der Kleij, Head of Level39 Technology Accelerator and Nadeem Shaikh of Anthemis Group,among others.

Chancellor George Osborne said:

“Key to the government’s long term economic plan is cementing Britain’s position as the centre of global finance. It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers here and around the globe, and create the jobs and growth we all want to see in the future. That’s why it’s fantastic to be here today at the launch of Innovate Finance.”

Claire Cockerton, CEO and Director of Innovate Finance, said:

“The time has come for radical transformation of the financial services industry. Whether you are a consumer, banker or young entrepreneur – we all see enormous potential for innovation and growth in the financial services sector. Innovate Finance will be a pro-active members organisation dedicated to convening and accelerating visionary innovators, leading with our founding members. “While London and the UK provide the right talent, expertise, and market conditions, we believe our collective entrepreneurial spirit will lead us to compete and prosper on a global stage.

“Today, the organisation launches with our founding members, who will benefit from coming together beneath a powerful new brand to connect with key policy officials, industry influencers, investors, talent – and, most significantly, each other.”

Mark Boleat, Policy Chairman at the City of London Corporation, said:

“Innovation is integral to maintaining the UK’s reputation as a provider of world leading financial services. The fintech sector is at the forefront of this drive to improve products and services for consumers and clients so the City of London Corporation is delighted to be working alongside Innovate Finance to accelerate its growth. This will encourage entrepreneurship, boost growth and help to create new high skilled jobs right across London and the UK. The capital already has a bigger fintech sector than Silicon Valley or New York but we firmly believe that there is considerable scope for further expansion.”

Sir George Iacobescu, Chairman and Chief Executive Officer, Canary Wharf Group plc, said:

“We are actively supporting the UK’s mission to become a leading global player in fintech and believe Innovate Finance is an important milestone in delivering this vision.  Canary Wharf is an ideal location for the new organisation.  It has become an internationally recognised hub for financial innovation and home to some of the world’s largest multinationals and financial service providers.  Canary Wharf is a natural point of convergence for the banking, professional services and technology sectors.”

The idea for Innovate Finance was born during the summer of 2013 when the UK Government asked Claire Cockerton and Eric Van der Kleij to write a report summarising the opportunities and challenges of the fintech sector. This report was followed by a series of roundtables with members of the ‘Founding 50’ and other key industry stakeholders to define the organisation’s ambition and structure.

A full programme of events, workshops, roundtables and member benefits can be found at www.innovatefinance.com and will include Innovate Finance’s first annual industry forum, policy roundtables and specialised innovation programmes.