EY is the first of the Big Four to become a member of the Innovate Finance, an organisation whose aim it is to advance UK based FinTech. EY will help member companies to accelerate their growth and FinTech offerings, as well as helping larger research programmes into FinTech with its own expertise.
FinTech has been doing well in the UK and Ireland in recent years. According to the IFS 2020 report, Ireland and the UK have seen the volume of FinTech deals triple since 2011, with a five-year compound growth rate for FinTech financing twice the global average and twice that of Silicon Valley. Since 2013, the UK and Ireland together accounted for more than half of Europe’s FinTech deals (53%) and more than two-thirds of its total financing.
To further improve the development of FinTech in the UK, Innovate Finance was established in 2014 as a non-profit membership based organisation. The aim of the organisation is to develop and promote the UK as a leader in FinTech innovation, both domestically and abroad. The organisation was initially funded and supported by City of London Corporation and the Canary Wharf Group.
The recent announcement from EY sees the firm join 120 further members from a wide range of organisation, including start-ups and larger financial institutions, as well as “two $1 billion unicorns.” EY is the first of the Big Four to join the club.
The agreement between Innovate Finance and EY will involve the development of a pilot for a unique talent programme that sees EY staff seconded into other members’ companies for a period of three months. The firm will deliver highly experienced and knowledgeable staff to accelerate start-up growth as well as innovation programmes. EY will also supply talent for large collaborative research programmes related to FinTech trends such as blockchain technology, open payments, financial inclusion and regtech.
Commenting on the membership, Imran Gulamhuseinwala, EY’s EMEIA FinTech Leader, says: “FinTech innovation is the new frontier for financial services. Our report for UKTI last year showed that FinTech is already a £20 billion industry in the UK and growing exceptionally fast. The UK is a hub for financial innovation, and organisations such as Innovate Finance play a crucial role in helping both new and established FinTech firms to develop and grow. We are delighted to be supporting Innovate Finance.”
Lawrence Wintermeyer, CEO of Innovate Finance, adds: “The EY talent programme is an exciting new pilot that will give EY staff the opportunity to work directly in the FinTech ecosystem. This is a win-win agreement for both partners and will see our members gain access to a professional pool of talent to support exciting mission critical projects.”