Economic Secretary John Glen was in Tramshed Tech yesterday for the launch of the FinTech Wales Foundry — Wales' first ever fintech accelerator
The FinTech Wales Foundry is a 12-week business accelerator programme – running from early July to late September – that matches FinTech companies from around the world to societal and business challenges for our partners here in Wales.
The successful cohort will begin developing their proof of concept with Foundry partners. Along the way, the Foundry will provide them with access to mentors, investors, perks, workshops, deskspace and everything needed to help them succeed and scale in Wales.
John Glen, Economic Secretary to the Treasury, said:
"Fintech is one of the UK’s great success stories thanks to forward-thinking firms that are innovating, creating quality jobs and shaping our economy for the future."
"We’re determined to help fintech firms succeed here so we’re introducing new visa routes to attract the best talent, help to expand overseas and more regulatory support for companies to innovate as they grow."
"It’s great that this new accelerator will now give Cardiff’s promising fintech hub an extra boost and help to bring a bit more Silicon Valley to the Welsh Valleys."
Listen to FinTech Wales in conversation with John Glen MP, Secretary to the Treasury, discussing the launch of the Fintech Wales Foundry Accelerator and its potential impact on the region >>
Tackling challenges in Wales and beyond
During the visit, John Glen spoke to some of the innovative firms in the accelerator’s first cohort and heard how they are tackling challenges in Wales and beyond – like helping people to cut their carbon emissions and improving financial services.
With 16,000 people employed by the fintech sector in Wales, and 22,000 students studying subjects that could easily lead them to a career in fintech, the sector has a crucial role to play in shaping the future of the economy and creating jobs.
Sarah Williams-Gardener, CEO of FinTech Wales, said:
"Wales has been quietly building a thriving FinTech sector for many years, which was recognised in Ron Kalifa’s FinTech Report where it was identified as one of the UK’s emerging FinTech hubs."
"And today’s launch of the FinTech Wales Foundry puts us firmly on the path to becoming an established hub – if not a potential superhub. As the UK’s first non-equity accelerator programme, The Foundry will not only help to create jobs and nurture our existing ecosystem, it invites businesses globally to come and scale in Wales – bringing further jobs creation and growth to an already booming landscape."
"We are beyond excited to announce the first cohort of businesses, our class of 2021 and kick the programme off with the support of the Economic Secretary, John Glen."