London’s fintech crown “under threat”, says Pockit CEO

London’s position as the fintech "capital of the world” is “under threat”, according to the co-founder of London fintech Pockit.

Virraj Jatania, CEO and co-founder of Pockit, a UK fintech which serves the unbanked, said the noises from the UK government being pro-fintech were “good at the moment”.

As examples, he pointed to government plans to create a national inclusion strategy to improve financial resilience, talk of deregulation, and a move to allow UK pension providers to allocate a per cent of assets to unlisted equities such as venture capital.

But he said some of these plans could take time to materialise.

“Do we actually see the rhetoric come into action on the ground?” he questioned.

Jatania said: “London and the UK have had this crown of being the fintech capital of the world, I think that is definitely under threat.”

He also pointed to an increasing number of startups launching outside the UK, in Europe, the US, Singapore and the Middle East.

He said: “I think there is a lot of work to be done to make sure that the UK remains a super-attractive place for fintech businesses.”

In the podcast, Jatania also spoke about Pockit's plans moving forward, its acquisition of rival Monese, and why he thinks we will see more consolidation in the fintech market.

Pockit is backed by Puma Growth Partners, Sir Alex Ferguson, the former Manchester United manager, Jon Moulton, the private equity veteran, and the Future Fund.