News

Users of Open Banking-enabled products in the UK now exceed two million, up from one million in 2019, according to an announcement from the Open Banking Implementation Entity (OBIE).

A UK FinTech has secured a deal with a major US acquiring bank to implement and safely test payment methods, according to an announcement from the government.

Tech Nation, the network for UK technology entrepreneurs, has announced the launch of a new initiative for the financial services sector, the FinTech Pledge, with support from the government.

The FinTech sector has benefited from forced changes in behaviour during lockdown, as even traditional High Street customers have been pushed towards mobile and online banking, and other services such as money management.

The US has consolidated its leadership in FinTech despite a challenging year, to stand head and shoulders above the UK and other big players, such as India and China.

There are 488 ‘unicorns’ worldwide – startups valued at more than $1 billion apiece. As of August 2020, those companies are worth a combined total of $1.5 trillion.