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The Centre for Finance, Innovation and Technology (CFIT) was launched as a UK fintech industry body in early 2023, with a plan for a network of regional innovation hubs. IT Pro reported the launch on 1 March 2023 under the headline “Landmark moment” as multi-million-pound fintech startup centre is unveiled. The headline describes a single centre, but the announcement described a planned network of hubs across the UK, not one building with a street address. This article explains what was announced, who funded it, where the hubs were planned, and what the 2023 report does not tell you about where things stand today.
What CFIT is
CFIT is the Centre for Finance, Innovation and Technology. According to IT Pro’s March 2023 report, it was set up to strengthen the UK fintech sector and its regional clusters. The article said CFIT’s establishment acted on a recommendation from the 2021 Kalifa Review, the government-commissioned review of the UK fintech sector.
The body was described as industry-led, with government and City backing. Its stated aim was to improve national connectivity and collaboration across finance, technology, academia and government, and to help fintech startups outside London reach growth.
What was announced in 2023
The announcement covered two linked things:
- The body itself. CFIT as an industry organisation, chaired by Charlotte Crosswell at launch.
- A planned hub initiative. Innovation hubs intended to support fintech startups in regional clusters.
The 2023 report presented both as plans. It did not record that any hub had opened, which programmes were running, or how startups would apply.
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Who funded it
IT Pro reported £5.5 million in funding from the Treasury and the City of London Corporation for the launch and the planned hub initiative. The article did not give a funding breakdown, a split between the two funders, or any later funding history. Treat £5.5 million as the figure attached to the 2023 launch, not as a current budget.
Where the regional hubs were planned
The article named the following locations for planned centres. These are announced plans from March 2023; the report does not confirm which ones became operational.
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- Scotland
- Wales
- Northern Ireland
- Leeds
- Manchester
- Birmingham
- Bristol
- Newcastle
Some locations are nations and others are cities, so the network was described at two levels. The report did not give a physical address for any of them. Dima Kats, CEO of Clear Junction, specifically pointed to Leeds as an example of a regional centre that could add competition to a fintech sector concentrated in London.
Market figures quoted alongside the launch
IT Pro used three investment figures to set the context for the launch. They are historical and attributed to the article, not to a verified current dataset:
- 237% increase in regional fintech investment in 2021. Reported by IT Pro in 2023. The article did not name the dataset or organisation behind this figure.
- $12.5 billion across more than 500 deals in 2022, described as UK fintech investment. IT Pro said this ranked second to the US. The article did not identify the original data publisher, so this claim is not independently confirmed here.
Both figures describe periods that ended years before this article was written. They show what the sector looked like when CFIT was announced, not how the market performs now.
What stakeholders said
IT Pro quoted four people at launch. These are stakeholder views, not measured outcomes:
- Charlotte Crosswell, chair of CFIT: “This organisation will enable us to come together as a sector to start breaking down barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact, and success.”
- Andy Thornley, head of financial services at techUK: “In being industry-led, but with the backing of both Treasury and the City of London Corporation, the body will have both the insight and influence needed to ensure that UK fintech fulfils its potential and continues to be an international success story.”
- Sarah Williams Gardener, CEO at FinTech Wales: “It’s imperative now that we bring together the best and brightest minds to ensure CFIT can be additive and focus on the wicked problems to drive growth and innovation.”
- Dima Kats, CEO at Clear Junction: “With this, there will be greater opportunity for new regional players outside of London, such as those in Leeds, to penetrate the fintech sector and lead to a more competitive landscape.”
What the 2023 report does not establish
If you are looking for CFIT’s current activity, the March 2023 report cannot answer these questions:
- Which of the planned hubs opened, and when.
- What programmes, events or support CFIT currently offers.
- Whether any startup can apply for space, funding or mentoring, and on what criteria.
- How much funding CFIT holds today beyond the 2023 figure.
- Any measured outcomes, such as jobs created or investment attracted because of the hubs.
For the current position, check CFIT’s own published material and recent coverage from the organisations quoted above. A 2023 announcement is not evidence that any particular service is available today.
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How to read the headline
“Multi-million-pound fintech startup centre” compresses two ideas into one phrase. The figure is real as reported, but it funded a launch and a planned network. The “startup centre” is best understood as the hub concept, delivered across several regions. Reading it this way avoids assuming a single facility exists, or that the launch figure represents a finished programme.
Bottom line
CFIT was announced in March 2023 with £5.5 million from the Treasury and the City of London Corporation, a Kalifa Review-linked mandate, and a plan for regional hubs in Scotland, Wales, Northern Ireland, Leeds, Manchester, Birmingham, Bristol and Newcastle. Those are the verified facts from the launch. Anything about delivery since then needs a current source.
Any statement in this article about CFIT’s activity beyond the launch should be checked against its own channels before you rely on it.
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