An influential review of the financial technology sector is to recommend the creation of a £1bn fund to fuel investment in fast-growing start-ups.
Ron Kalifa, the former boss of payments processor Worldpay, was commissioned by chancellor Rishi Sunak to look for ways to ensure that the industry, which is estimated to be worth £7bn and employ 60,000 people, can prosper and benefit from any regulatory changes after Britain’s exit from the EU.
While Britain has been a hub for fintech innovation — producing challenger banks such as Monzo and Starling — Brexit could pose a threat because the sector has often hired talent from the EU.
Kalifa has consulted widely with City figures about his review, which is due to report early next month. He