Ambitious expansion plans for UK fintechs
08 Sep 2017
A new report on the UK’s financial technology industry commissioned by HM Treasury reveals businesses expect revenue growth to at least double in the next year.
Of the 250 fintechs surveyed by Innovate Finance, a third are planning an IPO within the next five years.
In terms of funding, fintechs have received an average of £15 million each in investment to date, while revenue has grown 22 per cent in the two years to 2016. 50 per cent expect future funding rounds to exceed £2 million, with 35 per cent anticipating more than £5 million.
Europe and North America are regarded as the key places for future expansion, but the industry sees challenges in recruiting talent and fears customer adoption rates will not be sufficient to build the size of the user base.
Commenting on the fintech survey, which was designed by the government to identify key drivers in the industry, Stephen Barclay, Economic Secretary to the Treasury, says the government is "committed to ensuring that the UK remains the best place in the world to start and grow a fintech business".
At Beavis Morgan, our dedicated Entrepreneur Support Team works with entrepreneurial people in the fintech sector, assisting with starting up, fundraising and investment, and advising on business growth and development, whilst all the time helping you navigate the maze of often complex tax issues.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
Contact Steve Govey for advice on how we can assist you and your fintech business, and Paul Ashton for further information about how we can help you secure the right investment opportunity in the UK.
Further reading: Click here to read more about our services to Chinese investors starting up in the UK.