Backed by £5.5 million of Treasury and City of London Corporation funding, CFIT aims to create “time-limited ‘coalitions’” of experts across finance, technology, academia, and policy-making to identify and eliminate barriers to fintech sector growth, support the creation of high-income tech-based employment across the UK, and enable fintech companies to scale globally.

The Centre was created in response to the Kalifa Review of UK Fintech — a review which highlighted ways in which the UK could retain its place as a global fintech player.

Sir Ron Kalifa, author of the Kalifa Review, said: “The Centre will be instrumental in fostering collaboration between industry, academia and policymakers, promoting innovation, and turbo-charging the adoption of new technologies for businesses and consumers.

“I have no doubt that it will enable the UK’s fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come.”

While CFIT has no physical office presence, regional financial “innovation hubs” are to be established across England, Wales, Northern Ireland, and Scotland. By putting these hubs in place, CFIT hopes to “drive national connectivity, by enabling cross-sector experts with a local focus to input on barriers to growth and ensure solutions benefit the whole of the UK.”

Nicola Anderson, CEO of FinTech Scotland, commented: “The CFIT launch is a key milestone in achieving the UK’s fintech ambitions, embracing innovation across all cities and regions. The Centre’s coalition approach very much aligns with the execution of FinTech Scotland’s cluster strategy in advancing fintech growth.

“We are excited to be working with CFIT in leveraging the opportunities in Scotland and the whole of the UK, which will provide further momentum in delivering our ten-year FinTech Research and Innovation Roadmap enabling us all to harness the fintech opportunity across the UK.”

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Additionally, the Centre plans to collaborate with UK universities by establishing placements for students at fintech firms, as to develop fresh talent for the sector.

CFIT’s launch has been well-timed. While the UK holds second place globally for most fintech investments — and is home to notable players such as Monzo, Tide, and Checkout.com — UK fintech investments dropped by 8% in 2022, according to data from industry representing body Innovate Finance.