CFIT secures fresh funding backing to drive UK financial innovation

Centre for Finance, Innovation and Technology (CFIT) has secured new funding commitments from both government and industry, with support from HM Treasury and a strategic partnership with NatWest Group marking a major milestone in its development.

The latest backing includes £1 million in funding from HM Treasury alongside further investment from NatWest, reinforcing CFIT’s role at the centre of the UK’s financial innovation ecosystem and signalling strong confidence in its ability to deliver system-wide change.

Founded in the wake of the Kalifa Review of UK Fintech, CFIT has evolved from a start-up initiative with £5.5 million in seed funding into an established, independent organisation focused on tackling structural barriers to innovation in financial services.

Over the past five years, CFIT has deployed its “Coalition” model to bring together industry, regulators, and policymakers to move beyond discussion and produce tangible outputs, including policy recommendations, technical frameworks, and working prototypes. Its most recent Coalitions have focused on corporate digital verification and SME access to finance.

The new funding will enable CFIT to expand its activities, including launching additional Coalitions, supporting the adoption of innovative solutions, and convening stakeholders across government and industry. It will also explore emerging opportunities in areas such as artificial intelligence, smart data, financial inclusion, and the digitisation of capital markets.

“These commitments from HM Treasury and NatWest are a powerful endorsement of CFIT’s model and the progress we have made,” she said. “As we move into this next phase, our focus is on building on that momentum – working with partners across the ecosystem to develop and implement solutions that support growth and improve outcomes for businesses and consumers.”

The Treasury funding, announced by Lucy Rigby, Economic Secretary to the Treasury, at the Innovate Finance Global Summit in London, will provide transitional support through to March 2027. It is intended to help CFIT continue delivering its core mission of driving economic growth through financial innovation while moving towards a self-sustaining funding model.

“Organisations like CFIT play a key role in turning ambition into action through practical, industry-led solutions,” she said. “This new funding reflects our confidence in CFIT’s model and our commitment to making the UK the best place in the world to start, scale and lead a fintech business.”

Alongside public funding, CFIT’s partnership with NatWest Group will focus on accelerating innovation across financial services. Areas of collaboration include the use of data and advanced analytics, the application of AI and emerging technologies, and the development of solutions in financial health, sustainability, and embedded finance.

“CFIT plays a unique role in bringing together industry, government and technology leaders to tackle complex challenges,” he said. “Through this partnership, we look forward to supporting work that leverages data, new technologies and collaborative models to unlock better outcomes for customers and businesses across the UK.”