The UK government convened prominent fintech leaders to launch UK Fintech Week in London, receiving a positive response from industry experts.

Jaidev Janardana, co-founder and CEO of the neobank Zopa, shared an optimistic view of the industry’s future. Recently, Zopa reported that its pre-tax profits surged to £34.2 million for 2024, accompanied by an increase in its customer base to 1.4 million.

Janardana remarked, “There are substantial opportunities for growth within sectors like fintech in the UK. I am greatly encouraged by the government’s initiatives aimed at dismantling barriers to growth,” addressing an audience of financial professionals and government representatives.

Richard Davies, CEO of Allica Bank—a provider focused on business banking for small and medium-sized enterprises—discussed plans for international expansion in the Nordics and North America, as his company’s pre-tax profits rose 86% last year to £29.9 million.

Davies emphasized the importance of further developing the government’s Growth Guarantee Scheme, which facilitates additional bank lending to private businesses under the British Business Bank’s administration. He expressed, “We would like to see this scheme expanded significantly, as it is currently smaller compared to its US or German counterparts.”

He also urged the Bank of England to revisit its regulatory policies concerning small and medium financial services firms, noting, “Certain regulations inadvertently disadvantage challenger banks… We believe that revitalizing the prudential framework will greatly assist in stimulating the next phase of economic growth in the UK.”

Tim Levene, CEO of Augmentum Fintech, a venture capital company, later discussed the need for improved access to capital for businesses.

Levene mentioned, “UK pension funds have acknowledged that they have not supported our ecosystem as extensively as they should. There is a tremendous opportunity for them over the next decade to engage and contribute to the development of diverse companies and funds. We believe unlocking this potential within the next 12 to 18 months could significantly enhance our sector’s growth.”

Emma Reynolds, the economic secretary to the Treasury, emphasized the government’s prioritization of financial services, declaring, “Financial services represent a key sector of the UK economy and play a vital role in the government’s growth agenda.”

Reynolds also introduced a fintech start-up initiative developed in collaboration with Jacksonville, Florida. The JAX Hub aims to assist UK fintechs in entering the US market and will be operated by L Marks, which specializes in nurturing growth companies. This program builds on a mutual agreement between the UK and the State of Florida to enhance bilateral trade and economic partnerships.

Gareth Thomas, the small business minister, acknowledged the significance of the UK’s reputation as a “global hub for fintech.” He stated, “Our forthcoming industrial strategy will reflect our commitment to addressing the needs of fintech enterprises concerning talent access, financing, and the broader regulatory landscape.”