2024 Fintech Founders Summer Survey

Results of the Fintech Founders Annual Survey – carried out between July and September of 2024 – show founders are not yet convinced by the new Government and remain frustrated with regulators. The survey is run every year to create a stock of data and take a state of the sector, with a specific focus on a relevant topic. 

The survey, sponsored by the leading wealth management and accountancy practice Evelyn Partners, found that not a single founder reported the UK’s regulatory environment to be “excellent”, with 39% describing the regulatory environment as “poor” or “awful”. Nearly 20% said regulation and regulators are one of their main barriers to growth.

A third of founders report that difficulty with access to funding is their key constraint in growing their innovative businesses, and a key driver of founders considering relocating abroad – particularly to the United States and Middle East. A concerning 43% of founders have considered relocating out of the UK in the past year. This is an increase of 3% points from the year before. Founders who have considered moving abroad also identified regulators and/or regulation as a key push factor. 

These external concerns are in spite of high levels of confidence, with over 80% of founders expressing a confident outlook for their business over the next 12 months. Despite challenges, it’s clear that the UK’s fintech ecosystem remains one of the strongest in the world, with 27% of founders believing the UK is the world leader in fintech (up from 19% last year).  

This year’s survey also shows founders are divided on the new Government. One fifth of respondents said that the change in Government will result in a better environment for fintechs, whereas just over one quarter said it would result in a worse environment – with the majority unsure or believing it would make no difference. As the survey was run just a couple of months into the first Labour government in over ten years, it provides valuable insight that the party needs to do more to maintain its mantle as the “party of business”.