Our CEO, Rami Cassis, was recently quoted in City AM, saying the Chancellor’s fintech promises must be actioned, and the sector needs to see far greater progress on growth.
Reeves hailed the UK as the top spot for fintech investment outside the US, but KPMG data showed investment had hit a four-year low of £7.9bn in 2024. The gap between the government’s rhetoric and the numbers is being watched by the sector.
Rami warned that bold measures will be needed for the strategy to succeed and that right now, ‘it’s all talk’. The Treasury’s Financial Services Growth and Competitiveness Strategy, due on 15 July, would be the test of that.
He argued that the UK’s fintech industry ‘still has mountains to climb’, which have been built higher by the actions of this government. Policy decisions elsewhere in government have worked against the Chancellor’s stated ambitions for the sector.
He pointed specifically to the government-triggered non-dom exodus, which drove out investment banking professionals who are crucial to any fintech setting its sights on an IPO. Without that expertise in London, firms preparing to float are more likely to look to New York.
Read the full article at City AM here.
Featured image courtesy of Dorin Seremet via Unsplash.
