FF News Tattoo Studio: Inside 1CG’s Fintech Consulting Journey

At the FF News Tattoo Studio during Fintech Talents 2025, Wasim Mushtaq takes a thoughtful look at his journey with 1CG and his views on innovation in financial services after a 20 year career in the industry.

Mushtaq explains that 1CG started out purely as a practical vehicle for consulting work and in the early days, before the IR35 rules reshaped the UK contracting landscape, he was consulting for major banks like Barclays and needed a company name. He landed on “One Consulting Group Limited” almost by chance, shortening it to 1CG. Over time, as he picked up more work with fintechs, however, there came a point where he considered closing it altogether, but his wife encouraged him to keep it going. That decision proved important later, when Mushtaq left his role as a chief operating officer at CFIT to build a portfolio career; rather than starting from scratch, he chose to lean into the 1CG brand and used it as the foundation for his next chapter.

During the conversation, a recurring theme is mindset and work ethic and Mushtaq is clear that success in entrepreneurship isn’t about being the smartest person in the room. Instead, Mushtaq believes it comes down to resilience, a philosophy he passes on to his young son and daughter. He tells them he doesn’t mind what they choose to do in life, as long as they always do their best. That same attitude shapes how he approaches his own career and the way he supports founders.

When asked why financial services still motivates him, Mushtaq reflects on how deeply money and finance are woven into everyday life: savings, investments, payments and much more.

Mushtaq also draws a clear line between traditional banks and fintech startups. In his words, banks are structurally built to manage risk, not to innovate, as their strength lies in governance, standards and policies that protect the institution – not in radical new ideas. Challenger banks and neobanks such as Nubank, Revolut and Monzo, he notes, have innovated mainly through customer experience, digital-first journeys and “funky apps” that rethink how people interact with their money.