As a f intech entrepreneur, there are many things that make London great: the banking ecosystem, access to talent, and trusted regulatory bodies.
The benefits of fintech to the capital are equally huge. According to the Government, fintech contributed £11 billion to the UK economy and supported more than 76,000 jobs in 2021. Fintech is the jewel in London’s financial crown.
But some of the “big name” fintech start-ups are now putting this very jewel in jeopardy by clinging on to inflated valuations.
These valuations were achieved in a very different economy: inflation was low, so there was a lot of cash sloshing around looking for good returns. Consumer confidence was high. And, there was widespread excitement about the ability of plucky fintech start-ups to reinvent our financial system.
The world looks very different today. Inflation is stubbornly high, consumer spending is volatile, and there is uncertainty about how long this downturn will last.
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