Cardiff Capital Region (CCR) has today announced a £1.6 million, five-year investment in Fintach Wales, the independent not for profit membership association and champion of the FinTech and Financial Services industry in Wales.

The investment, which will be spread over a five-year partnership between CCR and FinTech Wales, will see the two organisations work closely together to deliver on CCR’s ambition to help establish Wales as a leading FinTech sector in the UK.

As part of its overall strategy, CCR has previously set out its “Competitive Clusters” goal, which is focused on investing in the development of competitive, innovation-led ecosystems in priority clusters. FinTech is one of CCR’s 5 key clusters which also include Compound Semiconductors, Creative Industries, MedTech and Cyber.

Wales Office Minister David TC Davies said:

“The UK Government has invested £375m in the Cardiff Capital Region to grow a vibrant, modern economy and boost skills and well-paid jobs. This particular investment will help ensure the region becomes a centre of excellence in the fast-growing Financial Technology sector, with the aim of creating 500 jobs over the next five years.

“This is what levelling up means in practice – creating jobs and opportunities, spreading prosperity, and having a material impact on people’s lives.”

Rhys Thomas, COO, Cardiff Capital Region City Deal said:

“CCR’s long term ambition is to build on the firm foundations we already have in place and create a UK-leading Fintech cluster as well as establishing CCR as a global leader in the digital insurance marketplace.

“FinTech Wales is absolutely the right partner to help deliver on this ambition and this latest investment will enable the organisation to respond to the opportunities in this fast-evolving market, as well as help the overall FinTech cluster in Wales to further develop its own strategic direction.

“We also hope this will go some way to creating a bespoke talent pool, and enhance skills pathways in order to ensure FinTech businesses can recruit the skills and talent they require for growth, as well as attracting inward investment into the region”

Sarah Williams-Gardener, CEO, FinTech Wales, said:

“The FinTech sector moves incredibly quickly, and a number of other regions in the UK are also looking to accelerate the growth of their FinTech clusters, so we cannot rest on our laurels.

“This investment enables us to build on the foundations we’ve laid over the past 12 months cementing Wales as THE place to start up, scale up and accelerate innovative Fintech businesses, and add value for the Welsh economy. 

“Coming out of the pandemic, and with the additional burden of the cost of living, creating high quality jobs for Wales and attracting new businesses to the region is at the forefront of our strategy.”

“Ron Kalifa’s Finch Strategic Review (FSR) recommendation that were published in 2021 identified Wales as one of the top ten FinTech clusters in the UK -  which is a huge achievement in itself - but we must not be complacent while other FinTech powerhouses gather momentum,” she continued. “This investment from CCR will enable us to further develop our strategy to support innovation, create jobs and economic growth.”

Founded in July 2019, FinTech Wales has already nurtured and supported businesses in Wales as well as setting up a roadmap to establish Wales as a force in the FinTech community worldwide.

In its first year, the association established an Advisory Board of 20 people including representation from Welsh companies including Confused.com, Admiral, The Principality, Capital Law and Acquis Insurance.