The Centre for Finance, Innovation and Technology (CFIT), a UK organization aimed at addressing barriers hindering fintech growth, has launched a National Hub in Leeds.
The establishment of CFIT followed a key recommendation from the 2021 Kalifa Review of UK Fintech. The project received approval from HM Treasury during the 2021 Spending Review, which allocated £5 million for its development.
CFIT’s main objectives include forming time-limited coalitions of experts to tackle challenges faced by the fintech sector, fostering high-income, tech-based job creation across the UK, enabling firms to grow to a global scale, and increasing access to financial services for citizens and small businesses.
Charlotte Crosswell OBE, chair of CFIT, remarked, “The launch of CFIT today signifies a crucial moment for the UK’s fintech sector and the broader economy. This organization will facilitate collaboration within the sector to dismantle barriers faced by fintechs and create clear pathways for our homegrown companies to achieve global success.”
CFIT intends to establish financial innovation hubs that will have extensive reach across the UK’s nations and regions, including key growth areas like Leeds. The city has experienced significant fintech growth since 2020, with the number of fintech firms more than doubling to 107 and their combined valuation rising to £710 million, resulting in over 7,500 jobs.
Before the launch, Economic Secretary Andrew Griffith MP will visit the UK Infrastructure Bank’s (UKIB) site in Leeds, which is expanding its facilities to accommodate 280 new employees. The bank currently employs around 180 staff and is growing its permanent workforce.
Since its inception 20 months ago, the bank has made ten investments across various sectors, such as solar energy and fibre broadband, successfully attracting £4.6 billion in private finance.
UK Infrastructure Bank CEO, John Flint, stated, “Being based in Leeds is central to our identity. It aligns with our mission to foster regional and local economic growth and connects us with other significant organizations, like Channel 4, the Financial Conduct Authority, and the National Infrastructure Commission, that have also established or expanded their presence here.”