The strength of the South West’s FinTech ecosystem is to be analysed for the first time as part of a new project involving businesses, public sector organisations and higher education establishments.
The work will be led and delivered by Whitecap Consulting, the regional strategy consultancy with a base in Bristol. 
Whitecap has conducted similar projects over recent years across a number of regions, including an analysis of FinTech in Bristol and Bath, which was published in 2020.
That report revealed that the cities’ burgeoning FinTech businesses were helping to create one of the strongest fintech ecosystems in the country, with a high number of fast-growing start-ups and scale-ups.
It found 107 businesses in the sector, more than any other region of the UK. Of these, 28 were start-ups and scale-ups, meaning the West of England enjoyed a larger number of early-stage fintech firms than areas with populations more than three or four times its size.
It also showed that more than 3,400 people were employed in fintech-related roles in the area out of a total of 61,000 in financial services and tech sectors. 
The new analysis will cover the whole of the South West region, from Wiltshire and Gloucestershire to Dorset and Cornwall and will involve the development of data and insights relating to the FinTech capability and potential of the region.
Expected to be published soon, the report will be publicly available report and will include recommendations and suggested actions to help support the economic contribution of the sector to the regional economy.
It will also reflect on progress since the 2020 report, with initial findings suggesting the sector has experienced strong growth in the three years since it was published, and link the region to the development of the national FinTech picture across the UK.
Collaborating on the project as sponsors and partners are international law firm Osborne Clarke, which has a major office in Bristol, Taunton and London open payment firm Cardstream, global data group Integration Works, which has an office in Bath, inward investment agency Invest Bristol & Bath, accountants RSM, the University of the West of England and FinTech West, the organisation that champions the South West as a tech powerhouse. 
Further sponsors are being sought and are expected to be announced soon.
The Kalifa Review – a strategic report on the UK FinTech published in February 2021 – highlighted the strength of key regional FinTech clusters across the UK, naming Bristol & Bath as one of the top 10 clusters.
Whitecap Consulting director and financial services & FinTech lead Julian Wells, pictured, said: “We are excited to be working on this new project and supporting the growth of FinTech in the South West, and it will be fascinating to uncover the FinTech story of the many key hubs of the region.
“We’ve previously analysed the tech sector across the South West, so we are acutely aware of the diverse range of tech strengths in the region.” 
Osborne Clarke corporate partner & international financial services sector leader Mark Wesker, pictured, added: “This is a landmark project for the South West and we are delighted to be involved as a headline sponsor.
“Our work in FinTech, and the financial services and tech sectors more broadly, clearly highlights the depth, strength and entrepreneurial spirit of this region.
“We believe this report will not only shine a light on the great things already happening in our FinTech ecosystem but will also give some clear pointers as to how we can realise its full potential moving forward.”
Charlotte Crosswell OBE, chair of the recently Centre for Finance, Innovation and Technology (CFIT), which was created as a key recommendation of the Kalifa Review, said the South West, and in particular the Bristol & Bath region, had a reputation as a strong FinTech hub and was home to some nationally significant brands, including Moneyhub, Seccl and LOQBOX.
“I’m delighted to see the continued growth in FinTech activity across the UK, and I am really enthused to see the region collaboratively investing in the development of its FinTech sector via this project,” she added.
“Our work at CFIT focuses on the financial services and technology sectors across the UK and our aspiration is to drive international FinTech growth, attract talent into the FinTech sector, and ensure better outcomes for consumers and SMEs.
“Central to this is a desire to enhance the links between industry, academia, government, and regulators, and I look forward to working with the key stakeholders across the South West.”
Organisations interested to be involved in the project should email stuart.harrison@whitecapconsulting.co.uk
