FinTech Wales has positioned the region as a growing force in the global finance industry, marking its maturing ecosystem with a landmark £1.5 billion funding round secured by Propel Finance. The Fintech in Wales Annual Report 2024/25 details an economy increasingly powered by digital innovation, drawing attention to specialized clusters in Artificial Intelligence (AI), green finance, and regulation technology (regtech).
While the overall investment flow into Welsh fintechs totalled over £20 million by late 2025, maintaining consistent growth from £13 million in 2022, the Propel Finance deal represents a transformative scale of funding entering the market. The asset finance lender closed its massive round in July 2025 to support Small and Medium-sized Enterprises (SMEs) across the UK, reflecting major investor confidence in Welsh financial services. FinTech Wales CEO Sarah Jones affirmed that the mission is to turn this momentum into global impact, inviting international investors and innovators to see the region’s blending of creativity, collaboration, and purpose.
The ecosystem has also demonstrated its capability as a launchpad for global businesses. Companies like Cardiff-founded Finalrentals now operate their car rental marketplace in over 60 countries across five continents, aiming for 100 by the end of 2025. Similarly, cycle insurer Bikmo secured £4.75 million to accelerate its expansion across Europe. Ammar Akhtar, Founder of Finalrentals, said their expansion is built on partnerships, adding, “It proves that innovation born in Wales can reach the world”.
Sector Strengths and Innovation
The report highlights multiple areas where Welsh fintechs are achieving industry firsts:
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Payments: Burbank raised $\text{£}5 \text{ million}$ to launch the world’s first Card Present over Internet (CPol) platform, enabling secure ‘tap & PIN’ style transactions online and mitigating fraud typically associated with Card-Not-Present (CNP) transactions. Founder and CEO Justin Pike explained the goal is to make the payment experience the same for everyone, regardless of channel.
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RegTech and Compliance: Credas debuted the UK’s first reusable Compliance Wallet, allowing individuals to complete and share a verified compliance profile, including Anti-Money Laundering (AML) checks and identity verification, across different regulated service providers.
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AI: Welsh-founded Starling Bank rolled out the UK-first Spending Intelligence tool, using AI to allow customers to interact with their transaction data via natural language, such as asking, “How much did I spend on groceries last week?”. This AI adoption is also helping firms augment roles, automate repetitive processes, and enhance fraud detection, fostering the creation of new specialist roles in data science and machine learning.
Talent Pipeline and Collaborative Support
Recognising the need for a skilled workforce, the ecosystem is heavily focused on talent development. The report notes around 13,000 people are employed in fintech locally, with key hubs in Cardiff and Newport. FinTech Wales’s efforts, including its FinTech Wales Foundry accelerator, which completed its fourth season in October 2025, are attracting talent and businesses globally, with six out of nine startups in the latest cohort coming from outside Wales.
Strategic partnerships are further strengthening the sector. FinTech Wales is collaborating with global players such as Mastercard, Aviva, and Barclays, integrating international expertise and networks into the local ecosystem. Fintechs like Sero are partnering with larger institutions, in their case British Gas, to address social and environmental challenges, using their energy technology to tackle fuel poverty and improve efficiency in 1,500 homes.
Despite challenges related to accessing consistent early-stage capital and competition for digital skills, Wales stands ready to capitalise on a £500 million Local Growth Fund and supportive government industrial strategies that prioritise digital innovation. Jo Stevens MP, Secretary of State for Wales, commented, “The UK Government’s Industrial Strategy recognises the important role that fintech plays in driving job creation and growth”.
The full Fintech in Wales Annual Report 2024/25 can be found here: