UK looks to strengthen position in FinTech with new funding

Philip Hammond’s Autumn Statement included investment plans for FinTech.

The UK government has announced plans to inject £500,000 a year into FinTech to support investment in the sector.

Chancellor of the Exchequer, Philip Hammond, outlined the plans in his Autumn Statement this week and explained the annual sum will be given to FinTech specialists in the UK.

An annual report, known as ‘State of UK FinTech’, focusing on key metrics for investors, has also been commissioned by the government as part of plans to further support the sector.

It was also revealed the British Business Bank will invest an additional £400 million in venture capital funds to help FinTech and other ‘innovative’ firms looking to scale up their business.

Hammond’s Autumn Statement echoed much of previous Chancellor George Osborne’s Budget earlier this year.

In March, Osborne announced plans to double rate relief for small businesses, giving FinTech start-ups in the UK an extra boost.