The UK is home to a world-leading fintech sector and an impressive amount of talent and expertise in this area. The government knows that fintech firms play an important role in the lending market, especially for smaller businesses.
The government is grateful for the way the sector has responded to the current crisis by identifying opportunities where technology may support our response. Already, a number of leading UK fintechs have been accredited by the British Business Bank (BBB) to help deliver the government’s business lending schemes. As of 17 May 464,393 facilities have been approved under the Bounce Back Loan Scheme, totalling £14.18bn.