Policy group Coadec values UK open banking sector in new analysis
IN BRIEF:
- Over 4,800 UK jobs have been created by the introduction of open banking in the UK which is now worth more than £4.1bn to the economy
- The analysis collected data from 82 private fintechs with either Account Information Service Provision (AISP) or Payment Initiation Service Provision (PISP) licences
- These firms raised a combined £886m during 2022
What does this mean?
“The growth of Open Banking has been a UK-led marvel,” said Luke Kosky, fintech policy lead at Coadec. “We have seen this industry grow to over £4 billion within 5 years and with proactive support and regulation, the possibilities for Open Banking are endless. However, we now face a critical sink-or-swim moment for the industry.”
