" class="no-js "lang="en-US"> Stripe launches Fintech Development Office in London
Thursday, May 23, 2024

Stripe launches Fintech Development Office in London

Stripe, a global technology company which provides economic infrastructure for the internet, is today announcing the launch of its Fintech Development Office in London.

Led by Emma Burrows, Stripe’s Head of Engineering in London, the Fintech Development Office will develop new products and expand existing ones in open banking, embedded finance and bank partner integrations.

The Fintech Development Office in London will report into the Dublin Engineering Hub. Last week Stripe announced it would be recruiting hundreds more engineers in Dublin over the next three, in a major expansion of its first international Engineering Hub.

Open Banking 

Open Banking is just one area where the UK is at the cutting edge of fintech development. Adoption of Open Banking is growing rapidly: in 2018, 320k open banking payments were made; in 2020, it was over 4 million.

Stripe’s Fintech Development Office will lead the company’s work on Open Banking in Europe, including a pay-by-bank feature being piloted next month, which will enable Stripe users to accept payments over Open Banking PIS rails.

Embedded finance products 

Embedded finance refers to financial services and products being offered by non-financial companies, enabling easier access to financial services to users, and new revenue streams and better customer experiences for businesses. The embedded finance market has been forecast to be worth $138bn in just five years time.

Stripe’s Fintech Development Office will both expand existing Stripe products in the embedded finance space across Europe, and build new embedded finance products. Earlier this year the company expanded Stripe Issuing across Europe, enabling European businesses to easily and programmatically issue payment cards.

Bank partner integrations 

As Stripe expands its Global Payments and Treasury Network around the world, integrating with local payment methods, card schemes, digital wallets and more, the London Fintech Development office will build the bank partner integrations to power new features such as a bank transfers product, which is already in live beta. The product will remove the administrative pain of managing the receipt of multiple bank transfers. Users will be able to automatically  reconcile incoming transfers to a specific customer and to payments for exact amounts, communicate when more funds are needed to complete payment, and enable customer refunds.

As home to over 300 world-leading banks, London was the natural place for Stripe’s bank integration development work.

Over the last decade London has emerged as a leading global hub for fintech. More than 75,000 people in the city work directly in fintech, and in the first half of 2021 alone, London-based fintechs raised $5.3 billion, a new record and almost 2.5 times the previous year. From Monzo, to Nutmeg, to Crowdcube, to Capital on Tap, many of London’s leading fintechs are built on Stripe.

Emma Burrows, Stripe’s London Head of Engineering, said:

“London is a global leader in fintech with a strong engineering community deeply committed to driving better financial services for consumers and businesses. Stripe engineers in London are already helping build the future of financial services, and we’re excited to do even more with our Fintech Development Office.”

Matt Henderson, Stripe’s EMEA Business Lead, said:

“Europe is a top priority for Stripe and we’re investing heavily across the continent. Just last week we announced a big expansion of our Dublin Engineering Hub, and today we’re launching our London Fintech Development Office. London has become a global leader in fintech with a huge array of talent based in the city. We’re excited to unlock more growth for our users by building new products in Open Banking, embedded finance and more; watch this space.”

People In This Post

Companies In This Post

  1. Latest Konsentus Open Banking Tracker Highlights Growing Cross-Border Activity and Payments Focus Read more
  2. Square Launches Tap to Pay on iPhone in Canada Read more
  3. What Makes FTT Payments Different? | FF News at Fintech Talents 2024 Read more
  4. Bakkt Strengthens Leadership Team with Appointment of Ray Kamrath as Chief Commercial Officer Read more
  5. Capital on Tap and Plaid Partner in the UK for Streamlined SME Underwriting Read more