Fintech growth quango CFIT is launched in Leeds

The creation of the CFIT was a key recommendation of the 2021 Kalifa Review of UK Fintech. HM Treasury gave the green light to the project in the 2021 Spending Review, allocating £5m to fund its creation

CFIT’s core objective is to bring together time-bound ‘coalitions’ of experts to address obstacles to growth in the fintech sector; and to support the creation of high-income, technology-based employment across the country; businesses achieving global scale; and improve access for citizens and small businesses to financial services.

Charlotte Crosswell OBE, Chair of CFIT, said: “The launch of CFIT today represents an important moment for the UK’s fintech sector and our economy more widely. This organization will enable us to come together as a sector to begin breaking down barriers facing the fintech sector, while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success .”

CFIT will announce the creation of financial innovation hubs with wide reach across the UK’s nations and regions – including in key growth centers such as Leeds. The city has seen huge fintech growth since 2020, with the number of fintech firms more than doubling to 107, and the valuation of firms doubling to reach £710m – supporting over 7,500 jobs.

Ahead of the launch, the Financial Secretary, Andrew Griffith MP, will visit UK Infrastructure Bank’s (UKIB) site in Leeds, which is expanding its floor space to accommodate 280 new staff. The bank currently has around 180 employees, with an increasing number of permanent employees.

Since its introduction 20 months ago, the bank has made ten investments in sectors ranging from solar to fiber broadband, bringing in £4.6bn of private funding in the process.

UK Infrastructure Bank chief executive John Flint said: “The fact that we are rooted in Leeds is a central part of our identity. It is in line with our mission to drive regional and local economic growth. It also makes us to be part of a growing movement, with many other key organizations – such as Channel 4, the Financial Conduct Authority and the National Infrastructure Commission – establishing or expanding bases here.”