Innovate Finance

Innovate Finance is an independent, non-profit membership-based organisation and industry body serving the United Kingdom's financial technology (FinTech) community.

Innovate Finance
TypeNon profit organisation
IndustryFinancial technology membership organisation
Founded6 August 2014
Headquarters2 Finsbury Avenue, Moorgate, EC2M 2PP
London, United Kingdom
ProductsTrade body
Number of employees
15-20 (2020)
Websiteinnovatefinance.com

History

Innovate Finance is an independent membership association that represents the UK’s global FinTech community. Founded in 2014 and supported by the City of London and Broadgate, Innovate Finance is a not-for-profit that advances the country’s leading position in the financial services sector by supporting technology-led financial services innovators.

At the launch of Innovate Finance, UK Chancellor George Osborne backed the initiative and promised to support efforts to promote the UK as a global fintech leader.[1] Osborne said: "It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers, here and around the globe, and create the jobs and growth we all want to see in the future."[2]

Membership

It was launched with 50 founding members including Ratesetter, Transferwise, Azimo, Digital Shadows, HSBC, Barclays and IBM.[3] Each member pays a fee that is tiered depending on the size of the company.

Membership benefits

Innovate Finance's work includes the following core activities:

Policy and Research

Events and Programmes

PR and Communications

Financial model

Innovate Finance is a not-for-profit organisation. It is supported by the City of London Corporation, as well as via annual membership fees.[3] Membership fees vary based on revenue and capital raised by the organisations wishing to join, allowing Innovate Finance to cater to the smallest pre-seed startups as well as larger financial institutions. It is based in Moorgate at 2 Finsbury Avenue.

Governance model

The current CEO is Charlotte Crosswell, who was previously CEO at Nasdaq NLX (“NLX”). Previous CEOs include entrepreneur Lawrence Wintermeyer[4] who was one of the original driving forces for the organisation, along with Claire Cockerton, who was previously deputy head of the Level39 accelerator, based in Canary Wharf.[5]

The Innovate Finance board is composed of Natalie Ceeney (Chair) and non-executive directors, Iain Anderson, Chairman of Cicero Group, Sue Hunter, Partner at Frog Capital, Danny Lopez and Kirsten English, CEO of Style Research.

Media coverage

Innovate Finance has been covered extensively in global publications including Bloomberg,[6] The Economist,[7] Fox Business News,[8] Australian Economic Review,[9] The Independent,[10] CNBC,[11] City AM,[12] The Guardian,[2] American Banker,[13] Euromoney,[14] and the BBC.[15]

References
  1. "UK fintech industry bands together to push innovation agenda". finextra. Retrieved 6 August 2014.
  2. "George Osborne hopes to turn Britain into bitcoin capital". the guardian. Retrieved 6 August 2014.
  3. "Innovate Finance launches with 50 members". Reuters. Retrieved 6 August 2014.
  4. "Lawrence Wintermeyer takes over from Claire Cockerton at Innovate Finance". Finextra. 12 May 2015. Retrieved 12 May 2015.
  5. Finnegan, Matthew. "Financial tech start-up accelerator Level 39 launched at Canary Wharf". Computerworld. Retrieved 19 March 2014.
  6. "Interview with Claire Cockerton, CEO, Innovate Finance - Boris Johnson Pushes London Tech for Asian Funding". Bloomberg TV. London. 28 November 2014. Retrieved 28 November 2014.
  7. "Why Bitcoin may herald a new era in finance". The Economist. London. 12 September 2014. Retrieved 12 September 2014.
  8. "Big money in London tech". Fox Business News. United States. 11 February 2015. Retrieved 11 February 2015.
  9. "Banks getting closer to FinTech disruptors". Australian Economic Review. Australia. 23 August 2015. Retrieved 23 August 2015.
  10. "Small Talk: Financial technology can rejuvenate Britain – and be a force for good". Independent. London. 10 August 2015. Retrieved 10 August 2015.
  11. Karpal, Arjun. "This university is running a course on fintech". CNBC. Retrieved 5 August 2015.
  12. Barber, Lynsey. "David Cameron backs FinTech manifesto to make UK a world leader by 2020". City AM. Retrieved 30 July 2015.
  13. Macheel, Tanaya (14 September 2015). "Innovate Finance, IBM to Open Blockchain Research Lab". American Banker. Retrieved 14 September 2015.
  14. Lee, Peter (12 March 2015). "Fintech: miiCard pioneers the online passport". Euromoney. Retrieved 12 March 2015.
  15. "UK to explore Bitcoin role - George Osborne". BBC. London. 6 August 2014. Retrieved 6 August 2014.
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