Fintech Week London launches first-ever industry review to address explosive growth & rapid decline
Fintech Week London (FTWL), a community that highlights and celebrates London’s innovative fintech scene, has launched an investigation into fintech valuations and funding.
Despite record levels of investment into fintech companies in 2021, analysis has revealed a sharp decline in 2022 with firms struggling to raise fresh funds, and growing reports of falling valuations, fire sales, staff layoffs and recruitment freezes across the industry.
The FTWL Review into Fintech Funding – the first of its kind – launches in tandem with the start of Fintech Week London’s flagship two-day conference on Monday 11 July in the City of London. The Review will bring together key industry partners, regulators, investors and fintech companies to ensure the fintech industry continues to thrive.
Raf De Kimpe, CEO of Fintech Week London, said: “Of the many topical issues affecting the international fintech space, the recent predicted downturn in VC funding is one that affects the entire ecosystem. Fintechs at all stages of growth and development will feel the impact of changing valuations, slower funding rounds and hesitancy from investors. This will have a knock-on effect on tech development, talent acquisition and retention, and ultimately the flow of innovative financial solutions to the end user.
“FTWL is not just an important event in the fintech calendar but a community of key and influential industry players working together to drive positive change. We’re uniquely placed to launch an independent review into how the fintech industry has found itself in this position.
“We’re calling on our community to share their thoughts on what we can do to protect the fintech industry. We want to know how the industry can move away from hyper-valuations and unsustainable business models to refocus on financial products and services that improve the world in real-time. How did we get here and how do we move on from this to ensure fintech remains one of the UK’s great success stories.”
Founding partners already signed up to support FTWL Review into Fintech Funding include London Stock Exchange, The Fintech Times, specialist Fintech PR firm SkyParlour and more expected.
Applications for membership to join the Review’s committee must be submitted by 31 July, with research planned to a final report due to be published in January 2023. An update to the Review will be presented at Fintech Week London 2023 in June next year.