Monzo and Revolut are amongst a group of British digital banks and FinTechs to join Innovate Finance’s new Unicorn Council for UK FinTech (UCFT.)

The coalition, co-chaired by the chief executives of Zilch, ClearBank, and Innovate Finance, brings together unicorn founders in a bid to drive further growth in the UK FinTech industry.

The Council said that it will make policy suggestions to the government and have direct interaction with senior ministers to help "protect and maintain the UK’s leading global position in FinTech”.

“In the last few years UK FinTech has shown resilience by maintaining its position as a global hub for investment, second in the world behind only the US, and maintaining the leading position in Europe," said Janine Hirt, chief executive, Innovate Finance. "However, to maintain our leadership we need to accelerate our work with industry, government and regulators to ensure the necessary support for growth tech companies, including proactive regulation and increased investment."

Recent research by Innovate Finance, the independent industry body for UK FinTech, found that despite decreased investments in the sector last year, Great Britain still secured more capital than the rest of Europe combined.

Members of the new coalition include TS Anil, chief executive of Monzo; Justin Basini, chief executive of ClearScore; Shachar Bialick, chief executive of Curve; Francesca Carlesi, UK chief executive of Revolut; Richard Davies, chief executive of Allica Bank; Rishi Khosla OBE, chief executive of OakNorth Bank; and Rob Straathof, chief executive of Liberis.

Zilch chief exec Philip Belamant said that the move represents a chance to "redefine" how global investors see the value of investing in the high growth, UK FinTech sector.

"We’re talking about changing policies and perceptions that flip the script on how founders think about scaling in the UK and beyond," continued Belamant.

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