Bristol is a thriving hub of innovative technologies, and with new investment coming into the South West both locally and from further afield, it’s the perfect place to launch a fintech business.
In fact, the UK fintech cluster is in a period of rapid growth. In 2017 alone, over £800 million was invested in London-based FinTech start-ups – doubling 2016’s figures, and this is only expected to increase further during 2019.
Charles Bowman (Lord Mayor of the City of London 2017-2018) said:
“[Young people’s] faith in mobile banking apps – a form of banking that has risen exponentially in the last five years – demonstrates how important it is that firms are ahead of the curve when it comes to fintech.”
SETsquared recognises this need for more businesses support to help fintech startups reach their full potential, which is why we are growing our own fintech cluster, adding to the breadth of tech sectors represented within our member base. Avon Mutual, Bristol Pound and Xavier Analytics are some of our most recent fintech businesses to join our community:
Avon Mutual is taking a new look at banking, they are a new kind of regional community bank owned by its members who would have a say in how it is run. Their aim is to put bank branches back into communities to keep money safe, and offer access to banking services that have been diminishing on the high street.
The innovative banking company recently joined SETsquared Bristol with the aim to connect with and learn from their peers in the incubation programme. Avon Mutual is looking to work with other entrepreneurial businesses in Bristol’s fintech cluster and gain access to the local community.
Bristol Pound, the UK’s largest local currency, moved into office space at SETsquared Bristol in 2019, having joined the incubation programme to support the development of its digital currency, making it more accessible to SMEs as well as larger strategic partners including the University of Bristol.
Currently in a period of rapid change, Bristol Pound joined SETsquared Bristol to gain access to all the advice, support, and training that the programme offers as it develops a new business model, a digital currency, and scales up as a company.
Xavier Analytics is a unique suite of intelligent data cleanup, bookkeeping, and compliance tools designed for accountancy firms using cloud accounting platforms. Having identified a need for accountants to maintain higher financial data quality standards, Xavier’s machine learning assisted tools are proven to save time, reduce errors and increase the quality of service to clients, by identifying mis-codings, tracking key liabilities, and quickly spotting unwanted changes to historical data.
Xavier joined the incubation programme looking for straightforward, unbiased advice. Since joining, the support of SETsquared’s Entrepreneurs-in-Residence and the Business Review Panels have kept the business focused. Xavier were recently awarded a substantial government grant to bring AI into the field of accounting for small businesses. As a resident member, they are at the heart of a community of early stage startups with whom they are able to share ideas, support, and success.
Have you got a fintech business that would benefit from the SETsquared business incubation programme? Apply today, and grow your fintech business in our cluster.