Unicorn Council for UK FinTech - Innovate Finance

How the Unicorn Council is driving innovation and growth

The Unicorn Council for UK FinTech is a coalition of UK-based FinTech unicorn founders aiming to accelerate growth in the UK FinTech sector. Co-chaired by Janine Hirt (CEO of Innovate Finance), Philip Belamant (CEO of Zilch), Francesca Carlesi (UK CEO of Revolut), and Charles McManus (CEO of Clearbank), the Council works closely with government to maintain the UK’s leading global position in FinTech. The Council identifies key issues for start-ups and scale-ups and interacts directly with senior government to provide actionable policy recommendations. Our mission is to enhance the UK’s international competitiveness and accelerate growth and productivity.

Unicorn Council’s recommendations

1. Rethink the Regulatory Framework

Simplify overlapping regulations to foster innovation and reduce operational risks. Increase FCA resources for quicker regulatory decisions.

4. Encourage more innovation in the UK

Expand the scope of R&D tax relief to include FinTechs and introduce an advance clearance mechanism to reduce investment uncertainties.

2. Attract more entrepreneurs to the UK using Business Asset Disposal Relief

Increase the cap to £20m to attract first-time entrepreneurs and encourage reinvestment into new UK ventures with stepped-down limits for subsequent businesses.

5. Update investment and staff incentive schemes for today’s needs

Remove exclusions on banking, lending, and insurance from EIS and SEIS. Increase individual EMI limits to attract top talent and adjust company caps to support growing FinTechs.

3. Super-charge the Capital Markets

Remove the 0.5% Stamp Duty on UK share trading and accelerate the creation of a Research platform to support institutional investor education and early IPOs. Deliver the Mansion House compact.

6. Put FinTech start-ups on a level playing field with other sectors

Provide VAT rebates for start-ups and partial exemptions for scale-ups to level the playing field against non-financial services start-ups.