UK Fintech Report: Surging Growth & Ecosystem Evolution

UK FinTech Impact Report 2024

Building on the success of last year’s report, which analyzed 500 UK FinTechs, the 2024 edition expands to encompass the entire sector, covering 3,560 UK FinTechs, including specialized areas like RegTech and InsurTech.

This report not only captures shifts in the landscape but also provides deeper insights into the tangible impact FinTechs are making across the UK.

Anchored in the United Nations Sustainable Development Goals (UN SDGs), our findings reveal FinTech’s broad-reaching influence beyond finance, addressing key social and environmental issues.

• Global Positive Impact: Over 90% of UK FinTechs contribute positively to the UN SDGs, underlining their role in driving sustainable progress.
• Economic Growth Engines: Nearly all UK FinTechs (98%) support economic growth, creating jobs, delivering essential services to businesses, expanding financial access, and enhancing productivity.
• Financial Inclusion: Around 39% of UK FinTechs help reduce financial inequality by improving access to secure financial services for underserved communities and enhancing financial literacy.
• Expanding Global Role: UK FinTechs are increasingly vital within the global financial ecosystem, particularly in facilitating remittances, one of the sector’s most significant areas of impact.
• Combatting Financial Crime: UK FinTechs contribute to financial security and regulatory compliance. Despite a reduced positive impact on fighting money laundering and illicit flows, the sector’s role in tackling fraud is critical, with multi-sector cooperation essential for greater success.
• Environmental Responsibility: While UK FinTechs play a vital role in enabling sustainable finance, the sector’s overall environmental impact is increasingly negative due to the rapid adoption of energy-intensive technology.

This comprehensive report highlights the diverse, dynamic contributions of the UK FinTech sector as it navigates the evolving financial, societal, and environmental landscape. So what are your thoughts on this topic? Share with us what you think is most notable?

Do you see anything missing that is significant as it pertains to the UK Fintech sector? We’d be glad to hear from you, champ!