Britannia on the verge as UK Government’s £1 billion investment promises to boost the British startup-itching-to-scale-up scene with a twist on FinTech

In the aftermath of Innovate Finance’s report on the state of the art of FinTech in the UK which pointed out 30 start-ups had had their funding cancelled or postponed since the end of June, threatening London’s crown as a global fintech city, Philip Hammond, the new Chancellor of the Exchequer in May’s Government pledged £500,000 a year for “fintech specialists”, with further cash expected to drip through from the £400m pledged to venture capital funds by the British Business Bank, the FT reports.

The money — which will be handed out by the Department of Trade — will help start-ups in financial services that are intended to make life easier for savers and investors.

Furthermore, the government will carry out what’s being called a fintech census, designed to identify the key figures driving the industry for investors, City A.M.’s Lynsey Barber reports.