Going Overground: Why London’s Fintech Ecosystem Is Entering Its Next Act

For more than a decade, London has stood at the epicenter of fintech innovation, a magnet for talent, capital, and regulatory experimentation. But as the industry matures and global competition intensifies, the central question has evolved: what comes next?

At SXSW London, a powerhouse panel of leaders from Starling Bank, Zilch, Wagestream, and Zepz gathered to tackle this exact question. Moderated by Fintech Circle’s Susanne Chishti, the discussion peeled back the layers on what’s driving London’s next fintech leap and what needs to change to keep it competitive.

London’s Fintech DNA: From Challenger to Global Export

Starling’s Harriet Rees put it simply: the reason London produced so many breakthrough fintechs wasn’t luck, it was unmet need. Legacy banks had little incentive to improve digital experiences, leaving customers to accept the status quo.

Starling’s response was to flip that equation. “We made money something people could feel curious about,” Rees said, highlighting how design, transparency, and real-time data gave customers an entirely new relationship with their finances. Now, with over 2 million users and a thriving B2B SaaS arm (“Engine”), Starling is exporting that model abroad.

Fintech for the Frontline

Wagestream’s Peter Briffett focused on another gap access. Half of UK households lack £50 in savings. Briffett believes financial services have systematically overlooked the hourly worker. By integrating with employers and HR systems, Wagestream makes earned wage access, savings, and credit visible and usable on the job.

That unique dataset, he explained, doesn’t just improve credit modeling. It reimagines how people build financial resilience. “We round up on shifts worked into savings accounts. And for many, it’s the first time they’ve saved at all.”

Consumer Credit, Rewritten

At Zilch, Sean Hederman took aim at another relic of the past: costly consumer credit. “We started later,” he said, “and that was a gift.” Rather than emulate peers, Zilch designed a BNPL model that offers true zero-interest credit, backed by advertising not fees. The result: millions saved in interest by UK consumers, and a model that’s redefining the economics of lending.

More than the product, Hederman emphasized trust. Financial services have traditionally penalized mistakes. Zilch sees its mission as giving control back to the customer through transparency, protections like Section 75, and AI that flags risky behavior before it spirals.

Fintech as Infrastructure for Global Families

Zepz (formerly WorldRemit) operates in a different lane but with no less urgency. CEO Mark Lenhard spoke passionately about enabling diaspora communities to send money back home, quickly and affordably. For many users, these aren’t transfers they’re lifelines. “It’s often their biggest monthly expense,” Lenhard noted.

What sets Zepz apart? Speed, cost, and expanding access. The future, Lenhard believes, will be built on blockchain and stablecoins not just for cost savings, but for access to strong currencies in unstable markets. “We’re not just moving money. We’re moving opportunity.”

So What’s Next?

Each leader was clear: AI will reshape everything. From customer support to underwriting to tracing pension pots across multiple employers, automation is creating new efficiencies and new expectations. But it’s not just about technology. It’s about putting that technology in the hands of users in ways that feel empowering, not overwhelming.

Zilch is launching new social-driven experiences that blend financial control with personalization. Starling is bringing generative AI into the customer experience to help users better understand and act on their money habits. And Wagestream is deploying AI to trace lost pensions solving a real problem for frontline workers.

The London Question: Will the City Keep Its Edge?

Despite their optimism, the panel didn’t shy away from hard truths. Talent is strong, but the UK ecosystem still relies too heavily on US capital. Regulators once seen as global leaders have lost momentum. And successful founders often leave the UK in search of better terms.

The call to action? Think bigger. Rees urged that the UK should treat its fintech ecosystem as an exportable model of excellence. Briffett pushed for a reinvigorated FCA that champions innovation again. Lenhard called for cultural change: “Celebrate failure and success. That’s what creates real role models.”

Final Word

The message from this panel was clear: London’s fintech journey isn’t over. It’s just entering a more complex, globally significant chapter. One where scale, purpose, and inclusion matter as much as innovation.

Independently Created. Not affiliated with SXSW.

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