Fintech Founders Summer Survey 2023

The 2023 Fintech Founders Survey provides insights into the challenges and opportunities facing fintech entrepreneurs in the UK. Run by Henham Strategy, it was launched at an event with Google Cloud, 2023’s sponsor for the Fintech Founders group. Fintech Founders has conducted an annual survey since 2019, and the year on year changes to questions provides a valuable stock of data showing how attitudes have changed over time. While the survey presents a state of the sector, it also has a specific issue it explores each year. In 2023, that was AI and cloud technology. 

While founders remain optimistic about their businesses, a notable 40% are considering relocating, primarily to the U.S., due to frustrations with the UK's regulatory environment and funding challenges. The report underscores how difficult access to capital has become, exacerbated by turbulent market conditions and a complex regulatory landscape.

The theme for the 2023 survey is AI and the cloud. It found that 55% of fintech founders actively integrating artificial intelligence into their operations. Founders are optimistic about AI's transformative potential but also express concerns about the regulatory oversight in this emerging field. The rise of crypto and blockchain technologies is also gaining attention, yet uncertainty around regulatory frameworks has limited their full-scale integration.

Cloud technology also remains essential for the sector, with fintechs relying heavily on cloud infrastructure for their operations. However, despite technological innovations, the founders emphasize the need for stronger governmental support. Many express disappointment with the UK's fintech strategy, calling for clearer, more supportive regulations, particularly around emerging technologies like AI and crypto.

For the UK to maintain its status as a global fintech leader, founders believe that substantial reforms are needed to foster innovation and growth, especially in terms of government engagement and regulatory clarity. The report highlights both the resilience and ambition of fintech leaders, as well as their frustrations with current barriers to progress.