How London’s FinTech upstarts are joining forces to take on the banks and big finance

Mar 17, 2017 ·

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A favourable regulatory environment and active venture capital community has made London a hotbed of FinTech innovation in the past five years or so.

Mingling the City’s centuries old ‘fin’ pedigree with the bounty of innovation and creativity provided by the capital’s ‘tech’ community has helped cement London’s position at the vanguard of the new wave of innovative upstarts and challenger banks.

Throw in the FCA’s commitment to actively promoting and fostering innovation as part of its statutory objectives back in 2013, and you can understand why so many FinTech shoots have grown out of such fertile ground.

Now there are signs that the last half decade of multiplication and expansion is giving way to a new period of consolidation, as some of London’s biggest FinTech names begin to partner up and cross-pollinate their services in what could be their biggest challenge to the hegemony of big banks and finance yet.

Today, London-headquartered money transfer service TransferWise announced a new partnership with soon-to-be-launched Starling Bank, which will give customers of the challenger bank direct, in-app access to its money transfer services from the UK.

In an open challenge to institutional finance firms and incumbent money transfer services, the announcement proclaimed that the new partnership was part of both firm’s dedication to ‘revolutionising outdated finance and providing a fair, transparent experience for consumers’.

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