The Fintech ecosystem is booming, with the UK at the heart of its growth. The UK Fintech sector currently employs over 76,500 people - growing to 105,500 by 2030 - and generates revenue of £6.6 billion per annum.
The industry has exploded in recent years, with the launch of challenger banks, payment service providers, currency exchange services, alternative finance and crowdfunding platforms.
At Smith & Williamson, we are passionately supporting Fintech’s drive for stellar growth, to disrupt established players and ultimately to change the face of finance.
We are currently working with a number of UK Fintech unicorns and their founders, plus a wealth of other Fintech businesses operating in the UK and internationally.
We understand how fast-paced the industry is and the importance of a proactive and responsive advisor. We ensure you have the commercial, financial and taxation advice you need, leaving you and your management team with more time to focus on your business.
Our unique offering combines investment management and professional services, which means we are well placed to develop deep relationships with businesses and their founders. As a founding member of the ScaleUp Institute we are striving to influence and improve the ecosystem for entrepreneurial businesses, paving the way for growth and development.
We are at the heart of a strong network across the entrepreneurial space, and the Fintech sector in particular.
Our existing relationships with organisations across the supply chain, combined with our strategic partners, allow us to make invaluable connections for our clients, promote knowledge-sharing and best practice, ensuring that the Fintech sector continues to challenge, disrupt and innovate.
A holistic approach
We understand that the entrepreneur and their business are intrinsically linked – our personal approach ensures that the commercial, financial and taxation requirements for the business are aligned with those of the founders at all stages of the business lifescycle.
We work with a wide range of fast-growth Fintech businesses and their founders through to maturity, exit and beyond.
Our teams work closely together with our clients to ensure a joined-up approach and the best result for our clients.
Just some of the issues we are currently advising Fintech businesses on include:
- Maximising R&D tax credits
For many Fintechs, there are significant investments in R&D and we can enable businesses to maximise their claims in real time.
Our approach to R&D is unique - we involve technical software developers as well as tax experts at all stages of the R&D process. We seek to undertake R&D claims on a real-time basis which creates increased transparency and allows for significantly improved cash flow planning and forecasting.
- Developing and agreeing VAT partial exemption special methods (PESMs)
We are advising a wide range of financial services businesses, from Fintechs through to traditional financial services organisations, to help maximise VAT recovery.
- Designing and implementing employee incentive schemes
For most Fintechs, retention of core talent is critical to success. We are working with a number of leading Fintech businesses to both design and implement bespoke employee incentive schemes to help retain and motivate key staff.
- Tax and personal financial planning in anticipation of exit
In the run up to exit, we are providing personal tax and financial advice to the founders of multiple Fintech businesses, ensuring they have comfort over their personal financial position in advance of an exit event. We are also supporting the Fintech workforce more broadly helping them understand their tax payment and filing requirements and options for investment following exit.
Enterprise magazine: The future of finance
The financial services sector has been subject to considerable disruption in recent years as emerging fintech groups have shaken up sleepy incumbents. We talk to those who have led this charge - including the founders of TransferWise, Monzo and Wagestream.