In the wake of the 2023 Fintech Awards Wales, Matt Hyde, Director of Recruit121 and the Fintech Awards Wales, engages in exclusive interviews with the sponsors and prominent figures at the forefront of the FinTech sector in Wales.
The Fintech Awards Wales serve as a platform to acknowledge and honour the remarkable accomplishments of individuals, companies, and academic institutions within the Welsh FinTech landscape.
In this special series, Matt introduces you to the key figures driving innovation and progress in this dynamic industry.
This week Matt speaks to David Rozier, Partner at Deloitte.
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FinTech is a rapidly evolving industry, and Wales has shown remarkable progress in this domain. From your perspective, what unique opportunities or challenges does the Welsh FinTech ecosystem present, and how does your organization contribute to its development?
We have seen definite progress in the industry. There are more and more companies in the ecosystem and we are seeing some very interesting new businesses. The ones that are slightly more mature have raised more money and investment and have continued to grow.
I believe the opportunities must come from the emerging talent we have locally from our universities. Wales, especially Cardiff, has some great universities, and so does the South West, which means we are well placed with a large talent pool. Also, many people are attracted to Wales because of the big financial services organisations we have here, along with the beauty and culture of the nation compared to other parts of the UK. We’re so lucky in Wales – you’re only 20 minutes from a beach or a mountain, particularly in South Wales.
The challenges, as I see them, are around the increased growth of the sector and the ecosystem continuing to invest, particularly London and global investors. There’s a challenge in getting them to recognise what Wales can offer and having companies that can fly the flag for Wales. It is also around the ecosystem having the energy and momentum to get the traction that’s needed to start to really mature.
Deloitte continues to contribute to the development of the sector by providing information which is available to FinTechs at no cost. For example, we regularly run webinars on the typical issues that an early stage FinTech company may come across, such as fundraising, tax and legal issues. Working with FinTech Wales, we have also provided a number of specialist workshops helping early stage FinTech companies to understand fundraising. We are also growing our accounting team in Cardiff who are accounting professionals, understand the sector and can bring this experience to bear in the local market.
What motivated your organization to become a sponsor of the FinTech Awards Wales, and what do you see as the significance of supporting events like these within the FinTech industry?
FinTech Awards Wales recognises the achievements of the thriving FinTech sector across the country, bringing Wales’ leading innovators and digital experts together in an evening of celebration.
The awards are a great platform for people in the FinTech business to tell their story. The nomination process gives companies the opportunity to test themselves. It also gives them the chance to get perspectives from other people in the industry, as well as challenge on their progress.
Deloitte has sponsored an award category for the last two years so we have had first-hand experience of the positive effect the awards and event have had on the Welsh FinTech eco-system. This made it an easy decision to continue our support again this year.
All the award categories have their own unique value and the ‘Best Growth Story of the Year Award’, our sponsored category, is a great one as it recognises entrepreneurial success. The category nominations this year are top class – it’s been inspiring to hear stories from each of this year’s nominees and it exemplifies the high-quality people and businesses we have in Wales.
As a sponsor, what specific role does your organization play in promoting innovation and growth within the FinTech sector in Wales? Can you share any initiatives or programs that align with your sponsorship?
Deloitte has a collection of FinTech essentials, a series of short, to-the-point videos on key issues that early-stage FinTechs should be thinking about. We also have a FinTech knowledge hub, where we’ve brought together insights and tips, guides, views and ideas, from across the breadth of our firm, specific to the FinTech community. Both are great resources for FinTechs on their journey to the next milestone.
The UK has established itself as a global hub for FinTech innovation, with London being a prominent FinTech centre. How do you see the FinTech Awards Wales contributing to the overall growth and visibility of the UK's FinTech ecosystem, and do you believe that regional FinTech events, such as the FinTech Awards Wales, play a role in nurturing collaboration and fostering connections within the industry across the country?
The awards give a platform and allow recognition of the hard work of individuals and companies in the FinTech sector in Wales. Having gone through the process of being on the judging panel for the ‘Best Growth Story of the Year Award’, I know there are some really experienced people in the business and in Wales. And the awards evening itself is a fantastic opportunity to collaborate and connect.
A great thing about these awards is that they are fun! No black tie, no seating plan, and it’s this type of event that really reflects the industry – an industry that’s changing the world, energetic with a fun culture. There’s no other event that brings all the big names of the industry together in a single evening.
Looking ahead, how do you envision the future of FinTech in Wales, and how will your organization continue to support and collaborate with the local FinTech community beyond the awards ceremony?
As a firm we are strongly embedded in the FinTech ecosystem in Wales and we’re passionate about this industry. The specialist team we have grown in Cardiff is interested in meeting as many FinTech start-ups in Wales as possible so we can share our expertise and introduce them to other professionals who will help them grow. At Deloitte, we value long term relationships, so it’s really good to meet early-stage companies, get to know them and build a connection that will last a long time.
The future of FinTech is exciting – all the time we are meeting new people with new ideas for finding time saving, process saving and money saving solutions to every day financial problems. These companies are solving real problems in unique and different ways – there are some really innovative and progressive companies out there.
We've explored some interesting developments and insights in the FinTech space today. On a lighter note, with all the innovative trends in FinTech, if you had a magic wand and could bring one futuristic FinTech concept to life right now, what would it be and why?
If a technology could be developed that combines mind reading with financial budgeting, organising holidays or music technology purchases and sourcing the best deals I would invest!
