Whitecap is delighted to have been appointed by Tech East to deliver a regional FinTech analysis report on the Norfolk region, as part of a wider campaign to grow the sector in the region.

An announcement published by Tech East on 23rd January 2024 reads:

Campaign aims to win recognition for Norfolk’s financial technology cluster

Financial technology companies are being urged to get involved in a campaign being launched to develop and promote FinTech in Norfolk and drive collaboration and investment in the sector.

Tech East is spearheading Future Fintech which will see the publication in April of a comprehensive report mapping and quantifying the landscape of the industry in Norwich and the rest of the county, with the aim of boosting its credibility, reputation and profile.

Consultancy firm Whitecap Consulting has been commissioned to produce an independent and highly credible analysis of the current FinTech position for Norwich and Norfolk, including the underpinning ecosystem and other essential elements for becoming a recognised FinTech Cluster. This will be published at a launch event on 24th April.

The report is being supported by specialist data partner mnAI which will also produce a proprietary Impact Index assessment on the contribution of cohort firms to ESG (Environmental, Social & Governance) and Sustainability goals.

A Hackathon delivered in association with Aviva Foundry and a public event in partnership with FIGNorwich (Financial Industries Group) will also form part of the new initiative, as well as the promotion of the sector via Tech East’s website and other online channels.

The Hackathon in Norwich on 8-9 March will bring together tech, innovators and businesspeople to explore key challenges, and devise solutions over two packed days of collaboration.

Future FinTech is supported by New Anglia Local Enterprise Partnership and Norfolk County Council with funding via the Norfolk Investment Framework.

Tim Robinson, Chief Executive of Tech East, commented: “Norfolk’s growing FinTech community is already playing a pivotal role in driving innovation and advancement within the financial technology sector. Our goal is to establish a vibrant ecosystem well connected to the wider UK FinTech industry that encourages collaboration, knowledge exchange, and convergence of FinTech startups, established entities, investors, and supporting infrastructure.

“We are inviting local FinTech businesses to get involved in this project and attend key events so they can contribute to the development of the sector, benefit from future opportunities and connect with industry leaders.”

Cllr Fabian Eagle, Cabinet Member for Economic Growth, Norfolk County Council, said: “Norfolk County Council is delighted to have been able to support this study into the potential of a Fintech cluster in Norwich. Fintech represents a key opportunity to inject growth and emerging skill sets into the local economy.

“We have a growing number of Fintech businesses within Norfolk and fantastic assets, such as the Fintech Lab at the Norwich Business School, UEA. We have no doubt that businesses coming together collectively will add considerable value and critically, bring their voice to the national stage as this exciting sector develops.”

Steve Davidson, Chair of FIG (Financial Industry Group), said: “FIG is delighted to be working in partnership with Tech East on this project. The financial and professional services cluster in Norwich and Norfolk is well established. We know the value of collaboration and innovation and investing in technology. This is why we are strong supporters of this initiative – the continuing emergence of a thriving fintech sector is fantastic news for all of us. Moreover, we hope it results in getting Norwich and Norfolk on the fintech map in the UK”

Businesses in the FinTech sector who want to get involved should contact Tech East via [email protected]

The Norfolk FinTech Report will be Whitecap’s 14th regional FinTech ecosystem report since 2018, and is the 10th region to be analysed over this period. Previous reports can be found here.