The Inclusive Financial Technology Hub (INFINITY) at the University of Nottingham has secured a £1.4 million grant from Research England to establish a fintech hub in the city. This funding will enable the Hub to support the growth of innovative financial technology start-ups and businesses by facilitating the transformation of research into commercial ventures in the financial services sector.
The grant, provided by Research England’s Connecting Capability fund, serves to promote the development of the UK’s tech industry and contribute to leveling up initiatives. With a goal of becoming a focal point for Nottingham’s thriving financial services sector, the Hub will be instrumental in nurturing collaboration and innovation.
The awarded funds will be utilized to establish an agile framework for the commercialization of financial technology research, guiding early-stage research projects towards becoming viable commercial prospects. Additionally, the Hub will offer training and support to academics during the early stages of the commercialization process, overcoming any hurdles to engagement. Nottingham University Business School and local businesses, including KPMG, will co-locate with the Hub on the new Castle Meadow Campus, fostering a unique collaborative environment for students and businesses to engage and drive innovation.
Professor John Gathergood, co-director of INFINITY, expressed delight at receiving the support from Research England, emphasizing the potential for this funding to facilitate the translation of university-inspired research into the next generation of financial services. Professor Jane Norman, provost and deputy vice-chancellor at the University of Nottingham, echoed this sentiment, highlighting the opportunities this grant will create for students and the strengthening of partnerships with businesses in Nottingham.
In summary, the £1.4 million grant from Research England will empower the University of Nottingham’s INFINITY Hub to establish a fintech hub in the city. This funding will drive the growth of financial technology start-ups and firms by facilitating the transformation of research into early-stage commercialization ventures within the financial services sector. Moreover, the Hub will foster collaboration and innovation through its strategic location on the Castle Meadow Campus, facilitating engagement between students, businesses, and academics.