Canadian Fintech Delegation Announces New Investments in UK

A government backed delegation of Canadian fintech companies visited the UK last week, resulting in new jobs being created.

The UK’s prowess for innovation and financial services makes it the number one investment destination for financial technology (fintech), according to a delegation of 12 Canadian companies visiting London this week.

3 companies among the delegation announced new investments in the UK as a direct result of the visit, creating around 150 jobs with more commitments expected in future.

The mission, organised by the Department for International Trade (DIT), was an opportunity to showcase the strength of innovation in the UK’s financial centres.

International Trade Minister Mark Garnier said:

As a world leader in financial services, technology and research, the UK is embracing and leading the way in new fintech developments. DIT has been able to offer these innovative Canadian companies the chance to come to the UK, to share ideas in this fast-changing industry and highlight that the UK remains open for business.

Canadian investment in the UK has doubled in the past decade to $86 billion (CAD), and fintech is a prime example of where collaborative working and sharing knowledge and expertise can foster further opportunity.

The 12 companies, from British Columbia and Ontario included:

• CIBC
• Control
• Grow Financial
• Horizn
• Kooltra
• Lendified
• RentMoola
• Sensibill
• Veriday

The 3 companies announcing investments in the UK were:

• OutsideIQ
• Q4 Inc
• Zafin

The companies were welcomed to the UK with a reception at Canada House, where the Canadian Deputy High Commissioner Alan Kessel affirmed the strong friendship between the 2 countries and the benefits closer relations will bring to businesses.

Fintech conference

The visit coincided with Fintech Connect Live in London, Europe’s largest annual fintech showcase event. The Canadian visitors joined over 2,500 delegates from technology and financial services firms to discuss the latest developments in a fast-moving industry.

International Trade Minister Mark Garnier addressed the conference on the UK’s role as an international fintech hub, with over 600 international financial services firms and Europe’s leading tech centre.

UK’s fintech leadership

Last year, the sector employed over 60,000 workers and attracted £525 million in investment. This increasing activity makes the sector worth a total of £6.6 billion in annual revenue employing more people than in New York, or the combined financial centres of Hong Kong, Singapore and Australia.

The Delegation also toured Parliament and opened the London Stock Exchange, and met with the innovation teams at global banks Lloyds, RBS and Barclays to learn about their use of fintech to improve their operations.

Statements from companies investing in the UK:

Dan Adamson, CEO, OutsideIQ said:

We are actively expanding our presence in London to better service a growing international customer base. The DIT – BA Fintech Mission provides a great opportunity to participate in a thriving ecosystem of companies, innovators and technologies, particularly in the regtech sector. We are very proud to be among the innovative Canadian companies that were selected.

Darrell Heaps, CEO, Q4 Inc said:

The London Stock Exchange is home to thousands of listed companies, making London the perfect base for expanding our international footprint and European client base. I’m excited to announce that we’ll be opening our second European office in London in January, and we expect to scale the UK team to 20+ people by the end of 2017.

Nancy Langer, President and COO, Zafin said:

Zafin’s mission to simplify banking while enabling digital innovation, revenue enhancements and conduct risk management continues to yield results, with exceptional momentum in the European market. We are bullish about the UK market and are making the appropriate investments to use it as a base for expanding our business in the UK itself, as well as Europe.