Fintech Founders Summer Survey 2021

The 2021 Fintech Founders Summer Survey highlighted a mix of optimism and ongoing challenges for UK fintech leaders. The survey is run every year providing a state of the sector snapshot showing how founders feel about the UK’s regulatory and political environment for their sector. In 2021, the survey was able to build on the recently published Kalifa Review of UK Fintech, which founders were positive on. 

A remarkable 96% of founders expressed confidence in their business outlook, reflecting resilience in the sector. However, significant hurdles persisted, with 37% citing access to funding as a major issue and 34% struggling with talent recruitment.

One key finding was the growing concern over the UK's diminishing position as a global fintech leader. Only 56% of founders still viewed the UK as a leader, down from 63% in 2019, signalling worries about the country's ability to maintain its competitive edge. Many founders were increasingly looking to expand internationally, but they faced difficulties navigating regulatory and operational challenges abroad, slowing their global growth plans.

A strong theme in the survey was the call for more government action. Founders urged the government to implement recommendations from the Kalifa Review, a comprehensive report that outlined strategies to boost the UK’s fintech sector. Founders believed that quicker adoption of these reforms could provide much-needed support, particularly in areas like funding access, regulation, and talent development.

Additionally, while fintech businesses were thriving, founders highlighted a need for clearer policies around new technologies like blockchain, cryptocurrencies, and artificial intelligence, which could open new doors for innovation. They emphasized that strong, well-aligned regulatory frameworks are critical for the sector to flourish.

Henham has provided the secretariat and lobbying support for Fintech Founders since 2018. The group represents founders of fintechs, mostly in the UK, but with members around the world. It aims to ensure the voice of fintech and in particular founders is heard in policy circles, and to work with decision makers to maintain the UK’s lead in the sector.