The policy voice of fintech and tech startups and scaleups in the UK, Coadec, revealed that the open banking ecosystem is worth over £4.1billion in the UK in its latest report. Open banking firms also raised over £886million in 2022 alone.
The report details how regulation has propelled the sector forward, with 92 per cent of all money raised by the open banking firms in the sample coming since 2018 when regulation went live for the first time. The sector has also created over 4,800 skilled jobs.
Luke Kosky, fintech policy lead at Coadec, said: “The growth of open banking has been a UK-led marvel. However, we now face a critical ‘sink-or-swim’ moment for the industry. We have seen this industry grow to over £4billion within 5 years and with proactive support and regulation the possibilities for open banking are endless.”
