Centre for Finance, Innovation and Technology

What Centre for Finance, Innovation and Technology does

The Centre for Finance, Innovation and Technology (CFIT) is a UK government-backed industry body, established in 2022 as a key recommendation of the UK Fintech Kalifa Review and supported by HM Treasury and the City of London Corporation. The organisation convenes multi-stakeholder coalitions spanning financial institutions, technology firms, legal experts, and government agencies to develop shared digital infrastructure and standards for the UK financial services sector, rather than selling standalone commercial products.

CFIT's core initiatives include the Digital Company ID system (a reusable digital business identity for streamlining Know Your Business checks across financial institutions), the Open Property roadmap and Digital Property ID (Smart Data initiatives to modernise the UK's fragmented, paper-based homebuying process), and the Funding Health Checker (a digital prototype providing SMEs with transparent feedback on creditworthiness). These are delivered as blueprints, roadmaps, and prototypes rather than proprietary software products, with the Digital Company ID MVP planned for FCA Regulatory Sandbox testing and a market-led orchestration model coordinated by the City of London Corporation.

The organisation's revenue model is primarily government grant-based, with HM Treasury committing £1 million in additional funding in April 2026 as part of the UK's fintech modernisation package. Forward-looking signals suggest a potential future shift toward subscription or transaction-based fees for Digital Company ID verification services, supported by survey data indicating 80% of businesses willingness to pay, but no commercial monetisation has yet begun. CFIT operates exclusively in the United Kingdom with a small (1-10 employee) team, and its go-to-market relies on coalition-building, industry events (Money20/20 Europe, UK Fintech Week), and direct engagement with regulators and government bodies.

Name

Centre for Finance, Innovation and Technology

Legal name

Centre for Finance, Innovation and Technology

Website

https://cfit.org.uk

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

CFIT is a UK government-backed industry body, established in 2022 from the Fintech Kalifa Review, that convenes multi-stakeholder coalitions to develop shared digital infrastructure — including Digital Company ID, Open Property, and Funding Health Checker — for UK financial institutions, SMEs, and the property sector.

Ownership category

akta.pro rank

Product category

Fintech Industry Coordination and Digital Infrastructure

NAICS

Activities Related to Credit Intermediation (5223), Other Activities Related to Credit Intermediation (522390)

SIC

Finance Services (6199)

akta.pro primary industry

Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

akta.pro secondary industry

Alternative Data & Credit Scoring (Cashflow, Telco, Utility, Open Banking) (FSAGAHAC)

Keywords

• Fintech industry coordination
• Digital identity infrastructure
• Smart data frameworks
• SME credit assessment
• Financial services innovation

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Government Funding: CFIT receives government funding to facilitate fintech collaboration. The UK government allocated £1 million additional funding in 2026 for the organisation.
2. Digital Company ID Service (planned): Based on survey data, 80 percent of businesses indicated willingness to pay for Digital Company ID verification services, suggesting a potential fee-based revenue model for identity verification.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

CFIT is a UK government-backed industry body that develops Smart Data frameworks and digital identity infrastructure through multi-stakeholder coalitions. Its core offerings include the Digital Company ID system for verified business information sharing across financial institutions, the Open Property roadmap and Digital Property ID for modernizing UK property transactions, and the Funding Health Checker prototype for SME creditworthiness assessment.

Product overview

CFIT operates as a coalition-based industry body developing multiple interconnected digital infrastructure initiatives rather than a single unified product. The core offerings include the Digital Company ID system for business identity verification and the Open Property initiative (encompassing the Open Property Roadmap and Digital Property ID) for modernizing property transactions. These are complemented by the Funding Health Checker tool for SME credit assessment. The initiatives are developed through industry coalitions and then transitioned to market-led orchestration models coordinated by bodies like the City of London Corporation, with prototypes tested through regulatory sandboxes before scaling.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Company ID A verified digital business identity system that allows verified business information to be shared across financial institutions, enabling streamlined Know Your Business (KYB) checks and onboarding processes. Completed a Proof of Concept in June 2026, with 80% of surveyed businesses indicating willingness to pay for the service.
• Open Property Roadmap A roadmap applying Smart Data principles to modernize the UK's fragmented, paper-based homebuying process, which averages 22 weeks with approximately 30% of transactions falling through. Targets systemic inefficiencies costing consumers around £560 million annually in failed transactions.
• Funding Health Checker A digital prototype that provides UK SMEs with transparent feedback on their creditworthiness before applying for loans, helping businesses understand their fundability and potentially unlocking £5 billion in additional annual credit. Developed as part of a coalition backed by Mastercard, Lloyds Banking Group, and HSBC UK.
• Open Property Coalition A government-backed coalition initiative addressing inefficiencies in UK homebuying including gazumping, gazundering, and lengthy sales processes costing the economy nearly £1 billion annually. Involves Department for Business and Trade, Land Registry, and Ministry for Housing.

Quantifiable outcome

• Digital Company ID could save UK financial sector £1.7 billion annually
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and flagship.

• Project NemocoreStrategic or Co-development Partner · 5 June 2026Project Nemo and CFIT announced a new coalition backed by HM Treasury to develop financial inclusion products for underserved groups, announced at Money20/20 Europe 2026.
• City of London CorporationcoreStrategic or Co-development Partner · 11 May 2026City of London Corporation leads the Digital Verification Orchestrator initiative and coordinates the market-led orchestration model for Digital Company ID, working under a hybrid federated and decentralized model.
• MastercardflagshipStrategic or Co-development Partner · 21 April 2026Mastercard is part of the CFIT coalition backing the Funding Health Checker digital prototype, contributing to financial health technologies that could unlock £5 billion in SME credit.
• Lloyds Banking GroupflagshipStrategic or Co-development Partner · 21 April 2026Lloyds Banking Group partners with CFIT on the financial health coalition developing the Funding Health Checker to help SMEs understand and improve their creditworthiness.
• HSBC UKflagshipStrategic or Co-development Partner · 21 April 2026HSBC UK is part of the CFIT coalition backing the Funding Health Checker digital prototype for SME financial health assessment.
• UK Government Fraud StrategycoreStrategic or Co-development Partner · 12 March 2026CFIT works with UK government's Fraud Strategy 2026-2029 on plans for digital company identities and stronger KYC requirements as part of the £250 million fraud combat initiative.
• Department for Business and Trade (DBT)coreStrategic or Co-development Partner · 20 November 2025DBT backs the Open Property coalition working to transform UK homebuying through digital technology, addressing inefficiencies costing the economy nearly £1 billion annually.
• Land RegistrycoreStrategic or Co-development Partner · 20 November 2025Land Registry is part of the government coalition developing the Open Property roadmap, contributing to the modernization of property transactions through Smart Data principles.
• Ministry for Housing, Communities and Local GovernmentcoreStrategic or Co-development Partner · 20 November 2025Ministry for Housing participates in the Open Property coalition to transform UK homebuying through digital technology and Smart Data frameworks.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Innovate Finance: UK-based independent industry body representing the fintech sector, very closely comparable to CFIT in its mission to convene fintech stakeholders and shape policy. CFIT itself sits within the UK fintech ecosystem that Innovate Finance represents.
• Open Banking Implementation Entity (OBIE): UK implementation entity for Open Banking standards with a similar coalition/government-backed mandate to develop shared infrastructure for financial data sharing. Most directly comparable to CFIT's Smart Data and Digital Company ID initiatives.
• FDATA Global: Industry coalition advocating for consumer and SME rights to access and share financial data, with the same coalition-driven, open-finance mandate that aligns with CFIT's Smart Data agenda.
• Project Nemo: Coalition specifically focused on financial inclusion for underserved UK groups, recently partnered with CFIT. Operates in the same coalition model and overlapping stakeholder base as CFIT's inclusion initiatives.

Broad incumbents

• UK Finance: UK banking and financial services industry trade association with a much broader remit than CFIT, but operating a similar convening/advocacy model on behalf of financial institutions and engaging with HM Treasury on policy.
• TheCityUK: Industry-led body promoting UK-based financial and related professional services, with strong government relationships (including HM Treasury and City of London Corporation) — a broader incumbent peer to CFIT's more focused fintech-innovation remit.

Regional players

• Better Identity Coalition: US-based cross-industry coalition focused on identity verification and digital identity infrastructure. Directly comparable to CFIT's Digital Company ID initiative but US-focused, making it a regional rather than direct peer.

Others

• Innovate UK: UK government innovation agency funding and connecting businesses to growth opportunities. Comparable to CFIT's convening role but operates earlier in the funding/R&D lifecycle rather than at the standards-deployment stage.
• Catapult Network: UK network of technology and innovation centres established by government to accelerate economic growth. Comparable to CFIT as a government-backed innovation infrastructure entity but focused on deep tech/industrial sectors rather than fintech.
• Nesta: UK innovation foundation working on financial health, data, and inclusive growth themes that overlap with CFIT's Funding Health Checker and financial-inclusion work. Operates as a foundation rather than a coalition body, making it an adjacent ecosystem participant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CFIT_UK
• LinkedInlinkedin.com/company/cfituk

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors3 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Centre for Finance, Innovation and Technology