When you ask Google for “the home of fintech”, the answer is no longer as clear cut as it used to be.
Once considered the undeniable land of fintech opportunity, the UK has since come under fire from industry commentators, particularly after its controversial exit from the European Union. And, until recently, investment had likewise dwindled.
UK fintechs, like everyone else, have been faced with ongoing challenges, including global economic concerns, geopolitical tensions, and the recent downturn in the tech industry – all of which have caused uncertainty amongst investors.
Fintechs are always looking for favourable economic conditions, and some made the decision to locate elsewhere.
However, the UK has otherwise proven itself to be a land of opportunity for fintechs, offering many advantages – such as its favourable time zone and native language, its high concentration of financial firms, and its globally respected regulatory framework.
Fintech is still considered the UK’s leading tech sub-sector, with the government insisting it will be the engine driving the UK to tech superiority. The announcement of a new £1bn fintech fund – backed by Mastercard, Barclays, and the London Stock Exchange – is its latest fintech supercharge.
One thing is certain; no matter where they’re based, EVERYONE in the industry has an opinion about where the home of fintech is and where the future lies.
So the question for UK fintechs becomes: how can they proactively ensure that they remain a leader in this increasingly competitive space?
The answer is simple: bold views told through powerful stories.
An opinion can be a powerful thing. While some fintechs are holding back due to ongoing uncertainties, the opportunity for commentary is huge. As always, relevance and timing are crucial considerations.
For example, news hijacking (if conducted correctly) is an effective way to cut through the noise and get opinions on current matters heard.
When Tesco confirmed its card payment systems briefly went offline across much of the UK back in 2022, we helped Railsbank (now known as Railsr) provide commentary to Grocery Gazette, about how “comfortable” customers have become using the latest payment tech. The CEO stated that in just a few years – like cash – card payments will also feel like a “thing of the past”.
A bold view, told at the right time, can cut through and gain attention – in vital trade media or nationals.
Some of the key areas of interest and growth that we have seen over the past three years – from cryptocurrencies to BNPL – have generated some incredible debates. With the right media handling, successful spokespeople will have been able to build a reliable reputation off the back of their input.
As the fintech landscape is constantly evolving, these opportunities are only continuing to grow.
It is therefore vital that businesses of all sizes have a solid PR strategy in place to navigate these fast-paced opportunities, maintain relationships that matter, and ultimately drive growth.
There is still a great opportunity for fintechs to make a splash. While funding has slowed, interest is evergreen. You just need to find the right way to tell your story.
We at Nelson Bostock have been steadily building our fintech portfolio, working with the likes of Railsr (formerly Railsbank), GoCardless and Amazon Pay to increase their visibility to core audiences. So, why not get in touch to see if we can accommodate your business needs?