The 2017 UK FinTech Census was designed to gather key insights directly from FinTechs, charting key areas of growth, as well as potential challenges. Data was gathered on the specific areas of revenues, investment, talent, regulation and future expansion. The 245 respondents in the study provide a strong subsector representation, with the largest representation from payments and remittances, and financial software. The average age of FinTechs in the study is 5.3 years, with a peak in the number of companies founded in 2014.
The UK Government is committed to maintaining a leading position in the international FinTech sector. At the Department for International Trade’s inaugural International FinTech Conference in London earlier this year, the Chancellor of the Exchequer highlighted FinTech as leading the UK’s fourth industrial revolution and transforming the way we live and conduct business.
With this in mind, HM Treasury has commissioned EY and Innovate Finance to produce the UK FinTech Census. This report will help build greater awareness and understanding of UK FinTech by profiling the sector and publishing aggregated metrics on its growth. The census provides a platform for FinTechs to express their views on a range of matters related to revenues, investment, talent and regulation. In addition to charting the sector’s growth, the census provides a unique first-hand perspective on key challenges that FinTechs are facing.
EY’s internal analysis identifies over 1,600 FinTech companies currently operating in the UK. The 245 respondents who participated in the census are a strong representation of this community. The survey work was conducted between February 2017 and May 2017.
We are excited to share the analysis and insights from this initiative, and believe they will serve as a vital reference for policymakers, regulators, the Government and the wider sector.
Commissioned by HM Treasury, EY and Innovate Finance.