11 Jun 2024

Fintech and the Future: a lively chat with Jon Wedge, our Head of Financial Services


Back in 2004, Jon Wedge joined us fresh out of school. Fast forward to today, and he’s the first school leaver trainee to become a partner at BKL, achieving this impressive feat before turning 30. Jon’s ambition and entrepreneurial spirit make him the perfect adviser for fast-growing fintech businesses.

Find out more about Jon’s experience and his work with fintechs below.

Breaking traditions

Post 2008, fintechs started to enter the market. They’re not just about numbers; they’re about making banking faster, cheaper and more inclusive. Opening a bank account is now as easy as a few clicks. Fintechs are helping breakdown stereotypes and push for better customer experiences, something traditional banks can often miss.

At BKL, we’re lucky to work with some leading fintechs in the market. We’ve supported them from inception to national growth. A few of our clients include:

  • Pixxles, whose end-to-end payment services bridge the gap between smaller businesses and major banks
  • Spot, which allows people to split bills and request payments via WhatsApp, without the need to send bank details
  • xpate, which enables businesses to instantly access funds collected through free business accounts
  • Railsr, leading the embedded finance experience

‘We have been really impressed with the agile, quick and knowledgeable BKL team. They take the challenges in their stride and worked collaboratively to solve them.’  Stuart Dabb, VP of Finance, Railsr

Changing landscape

According to HSBC and Dealroom, in the first quarter of 2024, UK fintechs raised $1.4bn. The financial services market is buzzing with growth. More banks have popped up in the past 15 years than in the previous 15, and terms like ‘challenger bank’ are becoming household names. Monzo and Starling, anyone?

With blockchain on the rise, the finance industry is exploring faster transactions and capital efficiency. But it’s important for fintechs to remain competitive with the pace of open banking, and for the infrastructure match the growth trajectory.

Regulations are keeping pace with innovation. The FCA has started e-money institutions (EMIs) regulations with more detailed client money and asset rules. They’ve been asking EMIs for stress tested projections and wind down plans for some time, treating them more like banks.

It’s safe to predict the death of cheques and the continuing decline of cash. I think we could also see the death of Visa and debit cards…

Immediate bank transfers will take the place of waiting 3-4 days and remove transaction fees. It will be faster and cheaper for customers and merchants alike, if it can be done securely.

We’re not just accountants; we’re fintech enthusiasts with deep industry knowledge. From CASS audits to safeguarding audits, we’ve got dedicated teams for financial services clients.

Want to know how we can help your fintech thrive? Get in touch.