The FinTech Impact Report: Working through the world’s to-do list #FinTechforProductivity But there is still work to do… 04 | ENHANCING FINANCIAL ACCESSIBILITY FOR MIGRANT AND MINORITY INDIVIDUALS 1/3 of founders in the UK The UK's diverse entrepreneurial landscape is enriched by the contributions of non-British founders, who constitute aren’t British and have roughly a third of the total. These individuals bring innovative ideas, novel perspectives, and international networks, challenges setting up playing a pivotal role in fostering economic growth and global competitiveness. However, as reported by Sifted, when 80 they face barriers in accessing the UK's banking system, the entire economy can feel the repercussions. More initiatives banking 82 such as the Black Founder Accelerator Programmes by Barclays Rise will better harness the full potential of this significant entrepreneurial group. Support, mentoring and coaching are only part of the answer though, and FinTech could further benefit these founders by extending partnerships to accountants and other SME advisers. Collectively, these actions would help boost productivity, spur innovation, and generate economic uplift, further solidifying the UK's position as a global hub for business and innovation. 05| REDEFINING FINTECH SUPPORT AND FINANCING 90% of new start-ups go The dichotomy between FinTechs' growth focus and banks' caution presents a challenge to marry a successful partnership bankrupt and only 40% of between venturing and a historical desire for stable finances. FinTechs are young companies whose priority is not always to start-ups make a profit in become profitable, but to disrupt a market with an innovative technology or product. Startups can initially spend a lot of money on R&D, recruitment, and marketing (among other things) without generating any revenue. It often takes several years 81 for them to find a stable business model and become profitable, and this makes financing their ventures a challenge. With the their lifetime. 83 84 acquisition of the UK Silicon Valley Bank into HSBC’s Innovation Bank and the establishment of the FinTech Growth Fund to back the UK’s strongest growth-stage companies, there is a new dawn for FinTech and bank partnerships. This is something the UK will require if it is to respond to the call of the 2021 Kalifa Review of UK FinTechs for greater scale-up support and the estimated £1bn gap in growth stage funding. 43