There are still areas where the UK government can do more to support fintech though in Burbidge's eyes. Namely, she wants the government to: continue pushing forward regulation around crypto or digital currencies, boost transparency in banking fees; and accelerate the delivery of banking APIs and access to bank data across the industry.
Levelling the playing field
When these steps are taken, new platforms will flourish that fundamentally change the way we do things.
Fintech investor and Index partner Jan Hammer claims the founders behind many of these new fintech startups are creating opportunities for the public that weren't there before. "Fintech companies often open up financial services to individuals and businesses who were previously locked out," he said, before going on to tout several of the fintech firms that sit alongside Facebook, Dropbox and last.fm in the star-studded Index portfolio. "Funding Circle allows you and I to lend money to small businesses who can access financing not available through banks, Property Partner provides access to the property market from as little as £50, so even those who can't afford to buy a flat or a house can participate; and Adyen makes it easy to expand internationally by accepting 250 payment methods, something that would keep businesses busy for months."
Fintech firms are ultimately out to make consumer banking easier, cheaper and more transparent. They're helping businesses to gain insights that weren't previously possible and they're opening up doors and opportunities for people that were once locked out. As a result, I expect the press releases from fast-growing UK fintech startups will continue coming.
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