Thread by @JamieHardesty

Good morning! We've just announced which companies will be on the next @TechNation #fintech programme. You can read about the programme in its entirety here. technation.io/news/fintech-c… In this thread I'll talk about what (IMO) it means for the North East specifically.

3 firms from the NE, the most of any region outside of London, will feature on this programme. We hope that the startups taking part will not only graduate the programme with a greater chance of survival but will be bolstered with the knowledge & connections they need to thrive.

The 3 NE firms are: immediate payments platform @paidcouk, reverse auction marketplace @GetHonchoUK and reporting and reconciliation platform @KaniPayments. They join 20 other exciting UK fintech firms on a 6 month, non-residential programme. Watch this space.

So what does this mean for the region at large? First, let's consider what fintech actually is. Why is it a subsector of tech which has attracted so much focus over recent years? What does NE fintech look like specifically, how healthy is it and what is happening to better it?

In all honesty, fintech is a broad church. However, you can think of it as all the new business models in financial services made possible by technological advances.
In effect, the reason it is so broad is that financial services are complex and contain a multitude of players.

Around this time three years ago, Government essentially chose to double down on fintech - chiefly due to LDN's central position as a globally-leading financial (&tech) hub. You may remember the Economic Secretary citing UK fintech's near £7bn valuation: gov.uk/government/spe…

In the past 3 years we've seen multiple reports on UK fintech strength. Countless articles dedicated to LDN's 'fintech boom' specifically. And why not celebrate this? After all, LDN's propensity for fintech growth plays a vital part in the UK's global tech narrative at large.

However, as we know, you simply do not have to be based in the capital to start and grow a great digital tech company. UK tech is alive with 'digital suburbs' (technation.io/news/digital-d…). While LDN may boast the lion's share of UK fintech success, opportunity exists elsewhere too.

FintechNorth, for instance, has come on the scene in the last couple of years to raise the profile of the sector in the North of England. Originally focussing on MCR&Leeds, the areas of greatest fintech density in the north, the body has more recently extended its work to the NE

This brings me to the fintech scene in our region. While the North East has many digital consultancies and corporate divisions operating in and around financial technology, the pool of innovative product-based fintech startups (what we typically view as 'true fintech') is tiny.

Therefore we must ensure that any narrative we choose to carve is inclusive of such firms, especially given their potential as the scaleups of tomorrow. It's encouraging to see the work being done to coalesce the sector (& grow it long-term) has acknowledged this @dynamonortheast

To gain an insight as to what's happening in NE fintech right now, I'd recommend checking this great blog out from @tjlckwd radialpath.com/post/fintech-c… While the NE isn't a leading fintech hub, firms are proving that you can build an innovative fintech startup in the region.

If you're interested in taking the conversation further, why not check out the @fintechnorth #Newcastle conference later this month eventbrite.co.uk/e/fintech-nort… or reach out to any of the startups creating their own technologies in our region. They'd like that and I'm happy to help.