Industry partners are now under CFIT's management to spearhead the upcoming partnership group

The Centre for Finance, Innovation and Technology (CFIT) is set to embark on a new phase of growth, following the announcement of funding partnerships from Lloyds Bank and Mastercard for its next industry-led coalition.

The upcoming coalition, expected to launch in the first quarter of 2025, will focus on developing Smart-Data-driven solutions for Small and Medium Enterprises (SMEs). Mastercard, through its executive vice president and global head of small and medium enterprises, Jane Prokop, has expressed her support for the initiative.

"We are excited to be a part of this next step for CFIT," Prokop said. "Our goal is to help the UK's 5.6 million small businesses raise external finance more readily, successfully, and efficiently."

Lloyds Bank, another key partner in the coalition, has also shown its support, with Elyn Corfield, CEO of business and commercial banking at Lloyds Bank, stating, "We are proud to be a part of this coalition, which will undoubtedly play a significant role in boosting the supply of SME lending."

The coalition will be led by industry partners, including Mastercard and Lloyds Bank, with other blue-chip financial institutions such as Goldman Sachs, JPMorgan Chase, and Morgan Stanley expected to join as strategic industry partners this year.

The new coalition will build on CFIT's existing initiatives, including its Open Finance coalition and SME Finance Taskforce. It will aim to accelerate the development of the SME finance market, with a focus on boosting the supply of SME lending by developing further supply-side proofs of concept, including an SME resilience index.

In addition, the coalition will work on a digital company ID, which could add £600 million annually to the UK economy. It will also develop SME-focused solutions, such as an SME digital finance education tool and a digital marketplace.

Charlotte Crosswell, chair of CFIT, stated that the new strategic agreement positions CFIT strongly for its next phase of growth. "We launched in 2023 with initial backing from HM Treasury and the City of London Corporation," Crosswell said. "This partnership with Mastercard and Lloyds Bank, along with our other strategic industry partners, will enable us to continue to diversify our revenue sources throughout 2025 and beyond."

Mastercard has taken the lead in the next CFIT coalition, endorsing the collective initiative to ensure small businesses get the funding they need. The coalition will mark the beginning of CFIT's shift to a "hybrid model", under which it will simultaneously run publicly and privately-funded coalitions.