It happens each year, the UK FinTech Week has commenced, and the flagship event is at the Guildhall in the City of London. The Innovate Finance Global Summit or IFGS has been in the annual fintech calendar for 11 years now. During that time the event has grown in prestige and importance.
Showcasing the best of UK fintech, the Summit attracts some of the most inspiring entrepreneurs. At today’s summit, Thought Machine’s Paul Taylor was one of the speakers.
This year is a little different as sunshine pours in through the windows of the Old Library. Amongst the historic surroundings of one of England’s most cherished buildings, it was refreshing to hear about technology and innovation.
One of the first panels of the day was a discussion called “The Future Is Here: How Innovation Is Reshaping Financial Services In 2025 And Beyond.” The speakers represented a wide section of the UK’s leading entrepreneurs. Samina Hussain-Letch, Executive Director at Square UK, Jaidev Janardana, CEO of Zopa, Francesco Simoneschi, Co-Founder and CEO of TrueLayer, and Paul Taylor, Founder and CEO of Thought Machine. The panel was moderated by Sasha Qadri.
Periods of Uncertainty Happen
Paul opened the panel by reminding attendees of how much instability and disruption we have faced over the last few years. He emphasized the need for businesses to build “incredible levels” of internal stability and be aware of external factors like tariffs and political changes. However more importantly, Paul is not overly concerned about the current economic climate, either in the UK or globally.
Paul was quoted by CityAM in September last year where he shared his enthusiasm for listing Thought Machine in the future. However, he warned that this IPO might not happen till 2027 or even 2028.
What About Funding?
Investors in Thought Machine include the Singapore-based Temasek, Italian bank Intesa Sanpaolo, Morgan Stanley, JP Morgan, and Lloyds. The company’s last valuation was £2.7 billion, a valuation from May 2022.
Paul noted that many of Thought Machine’s investors are not UK based. This has helped the company grow in countries like the U.S., and Singapore.
When Sasha asked Paul about the appetite for VCs to invest in UK companies, he explained how the market today has changed. Like we have seen with companies like UBER in the past, where the company listed on the stock exchange without making any profit. Today the market is more demanding of tech firms. In the past it was enough to have some promise and a good tech stack. Today, the market is demanding more.
“There’s no evidence of the best companies struggling for investment,” Paul explained. He highlighted how it’s the companies that are struggling to show growth and revenue that are most likely to lose out on investment today.
“In my view, the market is far more rational today,” Paul continued. He explained how as Thought Machine has grown, its source of funding has become more international.
What About the Politics?
The UK has raised taxes on national insurance and added other new obligations onto employers. Whilst this is not ideal for many companies or startups, Paul believes that this shouldn’t be a reason to be put off growing a company. He believes that entrepreneurs by nature are “delusionally ambitious,” which means that hurdles like tax increases are almost insignificant in the grand scheme of things.
Most importantly, Paul shared how politics is not as important as technology.
“Tech companies build irrelevant of what political parties do or what regulations are put in place,” he highlighted.
Generally the entrepreneurial spirit amongst UK fintechs appears to be in a good place. The Guildhall is awash with people from banks, tech firms, civil servants, and politicians. The atmosphere is one of optimism. It is encouraging to see how the UK fintech ecosystem, mixed with the City of London’s unique heritage, is still offering promise to a global audience today.
#IFGS2025 #ThoughtMachine
Author: Andy Samu
