Innovate Finance

Innovate Finance is an independent, non-profit membership based industry organisation that aims to advance the UK’s position as a leader in financial technology (fintech) innovation both domestically and abroad. The CEO of the organisation is current deputy head of the Level39 accelerator, Claire Cockerton- a Canadian-born serial entrepreneur.

Cockerton said: “The time has come for radical transformation of the financial services industry. Whether you are a consumer, banker or young entrepreneur – we all see enormous potential for innovation and growth in the financial services sector."

Membership

Innovate Finance members include the world’s leading global corporations to the UK’s most promising fintech startups, who through Innovate Finance, receive a single point of access to policymakers, regulators, investors, customers, educators, talent and key commercial partners. It launched in August 2014 with 50 founding members including Ratesetter, Transferwise, Azimo, Digital Shadows, HSBC, Barclays and IBM. Each member pays a fee that is tiered depending on the size of the company and “every member has one vote and an equal voice" said Cockerton.

Financial model

The organisation is supported by the City of London Corporation and the Canary Wharf Group, and through membership fees. It is based at Level 39 – the largest fintech accelerator space in Europe.

UK Chancellor George Osborne

At the launch of Innovate Finance UK Chancellor George Osborne backed the initiative and promised to support efforts to promote the UK as a global fintech leader. Osborne said: “It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers, here and around the globe, and create the jobs and growth we all want to see in the future.”

Non-Executive Board of Directors

Innovate Finance's non-executive Board of Directors include Alastair Lukies, founder of Monitise, Nick Hungerford of Nutmeg and Justin Fitzpatrick of DueDil.

Alastair Lukies spoke at the launch of Innovate Finance and stated that bringing together big banks with smaller fintech firms to foster innovation was 'the key aim of the new body, arguing that real, scalable innovation requires cooperation between the two sides.'