The FinTech Impact Report: Working through the world’s to-do list #FinTechforProductivity 01 | DRIVING ECONOMIC GROWTH 98% of UK FinTechs The collective value contribute to economic of the UK’s top 10 73 74 By their nature as start-up companies working in the UK, productivity and growth FinTechs is $60bn 98% of the UK’s FinTechs positively impact Productivity including Economy and Jobs (SDG #8). The remaining 2% are early-stage, pre-revenue and deemed too small to be having a significant impact at this stage.71 As an increasingly mature sector of the economy, the UK is Easy money management: Revolut is a global financial super app, designed to simplify all things money. It helps its customers spend, save, invest, budget or now home to 21 of the UK’s 44 unicorn companies borrow, in a frictionless, easy to use way. The company has over 30 million including Monzo, Revolut and Wise. 72 customers worldwide across 38 countries, who together make half a billion transactions a month, and employs over 7,000 employees globally. Encouragingly, there has been strong Government and Smarter lending, bigger savings: Utilising advanced AI and machine learning, Zopa industry support for furthering the UK’s position as a Bank delivers fair and transparent products that offer great value to consumers leading FinTech hub. For example, the Kalifa Review of UK while delivering strong credit performance. As a fully licensed bank, it serves 1 FinTech (2021) led to the establishment of the Centre for million customers with a diverse product range, including personal loans, car finance, credit cards, & award-winning savings accounts. It also provides tools for Financial Innovation & Technology (CFIT, 2023). This improved financial management and health. presents an opportunity to drive real momentum into the sector despite recent challenges with investment funding in a rising-interest-rate environment. 40