The latest edition of Rise & Shine focused on US market expansion for UK fintechs, featuring insightful sessions from a diverse panel of fintech leaders. Discover strategic advice, compliance tips, and investment strategies tailored for cross-Atlantic success.
Event Summary
The event provided an invaluable forum for discussing the pathways UK fintechs can take to successfully break into the US market. Each session offered tailored advice, rooted in the speakers’ extensive experiences.
Speakers
- Mark Stimpfig, Co-Founder, Go To Market Global
- Jasmine Baker, Trade Manager, London & Partners
- Valentina Kristensen, Corporate Affairs Director, OakNorth
- Shaul David, Fintech Consultant, Former Head of Banking, Railsr
- Thomas Wells, Senior Manager R&D, Frazier and Deeter
- Zhanet Zaharieva, Co-founder and COO, Quantum Dice
- Oliver Calma, Managing Director, BC Remit
- Simon Finch, Chief Strategy Officer, Executive Director, Board Member, Floww
Interview with OakNorth’s Valentina Kristensen
Mark Stimpfig led an interview with Valentina discussing OakNorth’s journey and the broader implications for UK fintechs entering the US. She emphasised the necessity of understanding local business cultures and regulatory expectations, which differ markedly from those in the UK.
"When expanding into the U.S., understanding the local market nuances is key. It's not just one market; it's a collection of many, each with its own regulations and cultural expectations."
"Embracing the US market's dynamic nature requires UK fintechs to be bold and innovative, yet deeply aware of local regulatory demands."
Kristensen elaborated on how UK fintechs could align their business models with US market dynamics, focusing on scalability and compliance as foundational elements for success.
Panel Discussion: Navigating Complex US Regulations and Investments
Moderated by Mark Stimpfig, this panel discussion explored practical insights around regulations, operations, channel partnerships, and effective go-to-market strategies in the U.S. With contributions from seasoned professionals like Shaul David, former Head of Growth at Rails Bank, and Thomas Wells from Fraser Deeter, and Valentina from OakNorth, we gained valuable knowledge on navigating the complex regulatory environment, the importance of strategic partnerships and federal to state-level nuances.
"The US market's complexity is not just a challenge but an opportunity for strategic alignment and meticulous planning."
"To succeed in the US, fintechs must navigate its fragmented regulatory scene with agility and informed precision."
Structuring your business to align with regulatory requirements from the start is vital. The discussions also touched on the cultural challenges and the critical role of transparency and governance in maintaining a competitive edge.
Panel Session: Real-World Experiences from UK Fintechs
Jasmine Baker, a Trade Manager at London & Partners facilitated a panel with Zhanet Zaharieva, Simon Finch, and Oliver Calma, who provided real-world insights into their companies’ US expansion efforts. They discussed overcoming initial challenges, from cultural adjustments to operational setups.
"Fintechs must consider regional disparities within the US to effectively customise their approach and offerings."
"Finding a niche in the competitive US market requires not only understanding the local environment but also bringing something uniquely valuable to it."
"Our journey into the US taught us the importance of flexibility and local partnerships in navigating its diverse market."
The speakers highlighted various opportunities for collaboration with US-based community banks and other financial institutions lagging in technological innovation.
Future Trends and Strategic Outlook
The sessions concluded with predictions for future trends in the fintech sector, emphasising digital transformation and regulatory changes.
Practical Takeaways for Effective US Market Entry
Adapt and Overcome: Customise business strategies to fit the unique cultural and regulatory demands of different US regions.
Build Strong Foundations: Develop robust compliance protocols and foster local partnerships to navigate the US market effectively.
Showcase Value: Demonstrate clear ROI and operational efficiency to attract US investors and partners.
For those who missed the session, we’ve captured each speaker’s top tips in a detailed summary.
Join the next Rise & Shine on September 05
“Why prioritising regulation is essential to your growth strategy. What can we learn from Revolut’s banking licence journey?”
Please contact Calypso Harland, if you would like to be involved.