UK-based fintech associations Innovate Finance, FinTech Scotland and FinTech North have created a national network to connect all fintech companies across the country.

The FinTech National Network will encourage the formation of fintech hubs and facilitate collaboration between them.

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Overall, the network will support mutually beneficial initiatives including talent acquisition, investments and diversification. It will also enable the fintech companies to connect with the international markets promoting growth.

Innovate Finance CEO Charlotte Crosswell said: “I am delighted that we will be working closer with FinTech Scotland and FinTech North across the UK.

“Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”

FinTech Scotland CEO Stephen Ingledew said: “Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises.

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“With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”

The establishment of the FinTech National Network comes at a time when the UK fintech sector is witnessing substantial rise in investments.

Last year, more than $3.3bn of capital flowed into the UK fintech sector, a surge of 18% compared to 2017.

Established in 2014, Innovate Finance operates as an independent industry body in the UK’s FinTech ecosystem.

Comprising more than 250 global members, the body supports the growth financial services sector.