Over 100 guests from London’s fintech industry joined a reception at The Australian High Commission on Wednesday 10 September, in honour of the 10 visiting Australian companies. They will now embark on a week-long programme of visits sponsored by UKTI, followed by attendance at London Fintech Week.
Eileen Burbidge, a business advisor to David Cameron and important investor in companies at the forefront of financial innovation, gave a key note speech at the reception sharing her own experiences and insights.
About the Inward Mission
While in London, the Australian companies will have the opportunity to pitch at London Fintech Week, tour Level39 (Europe’s largest fintech accelerator) and make connections with some of the industry’s most influential players.
Nick McInnes, Director General for UK Trade and Investment in Australia and New Zealand, said:
We are pleased to be providing support to such an innovative group of Australian companies so that they can learn from the thriving fintech industry in London and look for opportunities for collaboration and expansion.
Equally, we want to showcase the Australian fintech offering - it is a rapidly changing environment in Australia and now is the right time for British companies to look to do business here.
The delegation represents the breadth and opportunity within fintech. The services and products on show cover areas ranging from foreign exchange, peer-to-peer lending and payment solutions, amongst others. The companies attending are:
The opportunity in UK and Australian fintech
The UK financial services sector accounts for approximately 9.4% of UK Gross Domestic Product (GDP), with London now the biggest global centre for fintech firms, beating both Silicon Valley and New York based on the number of people the industry employs.
London is the digital heart of the UK, with more fintech startups than anywhere else in Europe. It includes Level39, which is home to some 70 companies, as well as other spaces such as Startup Boot Camp Fintech and Barclays Fintech Accelerator.
UKTI has already assisted a number of UK fintech companies to expand in Australia. This includes companies like Ratesetter and Thin Cats, who have both recently established offices in Australia. UKTI is also working with several other British companies across peer to peer lending, foreign exchange and over the counter (OTC) trading.