A new tool mapping the global footprint of UK fintech companies was launched on the second day of the Innovate Finance Global Summit (IFGS) 2023.
The interactive map of the UK’s global reach provides a range of features that allows users to do key three things.
First, users can identify the number of UK fintechs operating in and offering services to overseas markets.
Second, it can locate the most popular countries and regions for UK fintech expansion.
And finally, users can search for specific companies, market segments or countries of interest.
For example, the tool shows that of 558 UK fintechs, 209 operate overseas and 318 offer services abroad.
The free-to-access tool can also be used to show the most attractive markets for UK fintechs. The US is the most popular country, with 107 fintechs operating there, and Singapore is the second choice, with 40.
It was created by the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School, in collaboration with Innovate Finance.
Jack Jones, co-head of fintech at the UK Department for Business & Trade, said that fintechs will benefit from being able to see what markets they want to expand into, what the barriers are to doing so, and what support they need.
Bryan Zhang, co-founder and executive director of CCAF, said a lack of data is a problem, which this tool can help to solve.
This is an issue, Zhang said, “as a lack of data is a lack of visibility, for investors at home and abroad, for attracting talent, and for policymakers to support fintechs going global”.
Fintechs will be able to use this tool to scale. Zhang said: “[It will be useful] for founders and chief executive officers to design their international strategy to expand into those markets, to engage with governments, and to identify barriers that prevent them getting into markets.”