Susanne explained that while ‘Silicon Valley’ leads the way in business-to-consumer fintech firms, London’s reputation as the financial capital of the world has allowed it to become a dominant force in the B2B market.

She said: “…I have no doubt that in the UK and in Europe today fintech start-ups are being founded which will become global unicorns and leaders in their respective fintech areas.

“The quality of the fintech companies in Europe is superb both in terms of [the] strong domain expertise of the founders, and [the] technologies and business models they are pursuing.”

In February 2016, a government report claimed that the UK has grown to be the fintech capital of the world, leading the way with £6.6bn in revenue in 2015. 

But London did not earn this title without help.

John Davies, Director of Just Cash Flow PLC, has personally contributed to Britain’s reputation as an industry juggernaut.

Working with FINTECH Tours London, John has dedicated time to showing prospective fintech businesses the benefits of financial services in the UK.

“I believe there is tremendous value in encouraging fintech companies to base themselves in the UK rather than say San Francisco or other worldwide fintech hubs,” John explained. 

“[FINTECH Tours London] does a great job of showcasing the benefits of the London fintech ecosystem.”

However, Luke, co-founder of Exeter-based online investing platform Crowdcube, insisted the UK’s fintech success is not just limited to London.

“In this digital age, if you have a great product or service, and you understand the needs of your customers, you don’t need to be based on their doorstep.

“[The location of Exeter] actually helps businesses here to attract talented people who are looking to escape the city while also enjoying a challenging and rewarding career in an innovative and rapidly growing company.

“Our success, along with that of other businesses that are based here, has helped to change people’s attitudes that a fintech trailblazer must be based in the capital.”

With 61,000 people employed in the sector, more people now work in UK fintech than in New York, or the combined fintech workforce of Singapore, Hong Kong and Australia. 

The Treasury credits Britain’s technical talent, access to capital and government tax initiatives for producing this rise. 

Harriett Baldwin, Economic Secretary to the Treasury, echoed this sentiment.

“Just as the UK is the financial capital of the world, so we are also a leading fintech capital, with increasing fintech activity taking place across the financial sector,” Harriett explained.

“The sector has now grown from its disruptive roots into an industry in its own right.” 

And with such an abundance of start-ups in the UK, John warned that ignoring fintech could see businesses left in the dust.

“I firmly believe that businesses that don’t embrace fintech won’t be around for long.”

He added that by employing fintech to improve customer services, businesses would also benefit from its ability to streamline processes and reduce costs.

With Susanne Chishti as a Non-Executive Director of the Just Flow Group, Just Cashflow has already taken advantage of fintech by launching its own mobile app.

However, John admitted that a seamless transition to fintech was not something that could be done overnight.

“Picture the scene, talking over breakfast and you suddenly say: ‘You know what - I think I will get some fintech into my life today.’

“Of course, life isn’t like this and businesses have to recognise that fintech should be invisible to their customers.”

Meanwhile, Luke said more could be done to help fintech grow further.

“The current EU Prospectus Directive limits the amount that can be raised via crowdfunding to €5m, which remains a limiting factor for the industry and businesses alike.

“However, a consultation is currently underway and we hope to see this figure double – if so, it would be a real game changer for the industry.”