Chancellor backs UK’s world leading Fintech and Insurtech sectors in the Budget

Today it has been announced in the Budget that the Tech Nation Fintech Delivery Panel and Insurtech Board will receive funding until 2022 to continue the critical work in identifying and removing barriers to nation-wide economic growth for the UK fintech and insurtech sectors.

This pioneering initiatives have brought together founders from leading UK fintechs and insurtechs including Funding Circle, Onfido, Monzo, Transferwise, Lendinvest, Revolut, BoughtByMany and Flock as well as incumbent players such as RBS, HSBC and Aviva, investors, regulators and the Government together to tackle problems standing in the way of tech growth. The Panel will continue to ensure it reflects representation from across the ecosystem and country.

Originally announced in September 2017, the Fintech Panel has had a number of successes including developing and launching the UK-wide Fintech for All competition and the creation of world-leading onboarding guidelines, downloaded more than 25,000 times. The Insurtech Board was created shortly after in February 2018, notably producing a series of free to use Insurtech contracts, including a confidentiality agreement, worth more than £25,000 to each Insurtech firm.

For more information on these initiatives please see Tech Nation’s website.

Eileen Burbidge, Chair, Fintech Delivery Panel, Partner at Passion Capital, Chair, Tech Nation said:

“Fintech has changed dramatically since the Fintech Delivery Panel was first established in 2017, with UK Fintech firms raising a record £4.1bn in 2019. This announcement of extending the Fintech Delivery Panel to 2022 couldn’t be more timely, confirming the commitment of the government to support the continued growth of the fintech and insurtech sectors in the UK.”

Gerard Grech, CEO, Tech Nation said:

“With fintech unicorns, Monzo, TransferWise and Revolut becoming household names, the ecosystem is rapidly maturing. As always, there is more work to do to ensure the continued growth of this valuable part of the UK tech ecosystem. Tech Nation is all about fuelling growth and is excited about supporting the fintech and insurtech sectors for another two years through the Fintech Delivery Panel, providing tangible and meaningful outcomes for the sector.”

Ed Leon Klinger, Chair, Insurtech Board, CEO Flock said:

“The world is changing faster than ever; only by rapidly new edge technologies will insurers be able to adapt to this change. It’s no surprise, then, that InsurTech is one of the fastest growing technology sectors in the UK. By bringing together startups, incumbents, and regulators, the Insurtech board is pioneering a collaborative approach that will help to keep Britain at the forefront of the industry.”