Fintech sector to launch new industry body

City of London-backed Innovate Finance to be launched this summer with 50 member companies

A new industry body representing the interests of the burgeoning financial tech sector is to be launched this summer, in a move heralded as marking Britain’s role as a global leader in the industry.

Entitled Innovate Finance, the body will be launched with £600,000 backing from the City of London Corporation and the Canary Wharf Group, and is expected to include around 50 member companies on launch.

It will be based in Canary Wharf’s One Canada Square building and headed up by Claire Cockerton, non executive director of Pivotal Innovations and deputy head of innovation programmes at the Level39 accelerator.

Members will pay between £1,000 and £50,000 per year in membership fees, conditional on their company size and revenues.

The Canary Wharf Group, one of the backers of the new body, also announced this week that it has helped to generate more than £1bn worth of business for local companies since 1997.

The news comes just days after high street bank Santander launched a major $100m fund to support fintech start-ups worldwide after announcing plans to capitalise on what it called a “digital revolution” in finance.

Claire Cockerton, incoming head of Innovate Finance, said: “We call this a movement. It will champion Britain as the undisputed centre of financial technology.”

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