Treasury and regulator to hold crunch talks with UK fintech unicorns

Top fintech bosses will lock horns with Treasury and watchdog officials next week as the industry lobbies for key regulatory reforms, City AM can reveal.

Several of the nation’s fastest-growing companies are set to meet City Minister Lucy Rigby on Tuesday as part of a flurry of key summits in UK fintech week. 

The City execs – who form part of the Innovate Finance Unicorn Council – will also meet with Financial Conduct Authority (FCA) chief Nikhil Rathi.

The Council’s membership includes Monzo boss Diana Layfield, Revolut’s UK chief Francesca Carlesi and Oaknorth’s Rishi Khosla. Many of the near 30-member collective are viewed to be top contenders for a public market debut in the short to medium-term.

One fintech source due to attend the meetings said: “We’ll be looking for some very positive rhetoric to finally be turned into action.” 

Sources also said the progress of the government’s deregulation drive and additional improvements to London listing incentives were likely to play a key part in meeting agendas.

The Treasury did not respond to requests for comment. A spokesperson for the FCA said: “We want to showcase that the UK is the place to establish, innovate and grow and that we have the services to support fintechs at whatever stage of development they’re at.”

Zilch to lead Emirates summit

Payments platform Zilch is also set to hold a separate meeting with Rathi on Monday at the Emirates Stadium in a nod to Zilch’s ‘Way to Pay’ partnership with football club Arsenal. The meeting will focus on how the UK can better support fintechs scaling globally and strengthen its position as a leading hub, City AM understands. 

Starling’s finance boss Declan Ferguson, Allica boss Richard Davies and Clearbank chair Charles McManus are among those attending.

The government and regulators have come under pressure to maintain its fast-growing and home-grown fintech talent. Last year, money transfer firm Wise said it would ditch its primary listing in London for New York citing the deeper liquidity offered at the other side of the Atlantic.

The move marked a blow to London’s standing as a venue for top-tier tech talent and fears have since grown over its capacity to lure listings. City AM revealed earlier this year Starling’s billionaire backer and majority investor had soured on aspirations for a City listing after frustrations with regulatory progress. 

Rachel Reeves has launched a ‘Scale-Up’ regulator for the UK’s growing fintech talent as part of a push to galvanise fintech IPOs in her Financial Services Growth & Competitiveness Strategy.

Zilch declined to comment.