65% of UK businesses embrace fintech

The survey of over 3,400 businesses has revealed that 77% of UK business were aware of fintech products and services.

While 65% have adopted at least one application, a fifth (19%) have taken on four.

These adopters reported saving on average over £5,500 a year as a result of using fintech products and services.

More than one in 10 (11%) reported using bitcoins or other cryptocurrencies at some point during the past year to process payments.

While the majority (89%) have not used cryptocurrencies, a fifth (21%) of these businesses expected cryptocurrencies to feature in their payment transactions over the next 12 months.

Almost a quarter of businesses (23%) reported using fintech products and services for banking transactions and 16% used them for foreign exchanges services.

One in four (24%) reported using cloud-based software for their accountancy functions and a third (32%) used online lenders for business loans or invoice finance.

However, only 2% of businesses used insurtech (insurance technology) services.

“The expansion of tech-driven digital services has been remarkable over the past five years,” said Anil Stocker, CEO and co-founder of MarketInvoice (pictured above).

“We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that now UK businesses are also becoming tech-savvy.”