Bristol & Bath named among top fintech clusters

The South West is home to one of Britain's fastest-growing fintech clusters, according to an influential new government review. 

Bristol & Bath is identified as one of 10 high growth clusters by the Kalifa Review of UK Fintech, which was commissioned by the chancellor, Rishi Sunak.

The report recommends the creation of a £1bn “Fintech Growth Fund” to unlock investment into fast-growing technology companies.

Bristol & Bath is named alongside areas such as Newcastle & Durham, Cambridge and Wales for having the potential to grow its strong base of fintech companies to increase jobs and investment. More established clusters including London, Manchester and Leeds also made the top 10.  

The report, written by Ron Kalifa, the former chief executive of the payments processing company Worlpay, highlighted Bristol’s strength in business banking and insuretech.

It spotlighted Bristol-based LOQBOX, which is “on a mission to end financial exclusion globally by giving everyone the chance to achieve their goals, most of which cost money”. LOQBOX has created 29 jobs, with staff working remotely.  

The Kalifa Review hit on a long-term gripe for tech businesses in the South West, but also hinted at the region’s potential as Covid restrictions are lifted:

“The issue is that not every fintech in for example Bristol, wants to make regular, expensive trips to London to connect with investment, talent, partnerships, etc, and fuel their growth. They want to work with the best people, wherever they are, through virtual, more effective channels.”

With virtual working becoming a permanent fixture for tech companies, those living in the South West have a fantastic opportunity to build teams and secure investment.