Interview with Steven George-Hilley of Centropy PR
With European fintech businesses tackling stubborn inflation, historically high interest rates, and tough trading environments, The European Financial Review spoke with Steven George-Hilley, founder of Centropy PR about the challenges facing the fintech sector, both in terms of funding and its long-term future.
Tell us about your agency and the kind of clients you work with.
We’re a global B2B tech and fintech PR agency, working with start-up businesses and established enterprises. Our team specialise in designing and executing strategic communications campaigns, that deliver real value and results to clients.
We are based in Rupert Murdoch’s News Building opposite The Shard at London Bridge, which gives us direct access to The City and the many fintech companies that operate in that area. Last year we opened a US operation in San Diego, California and currently have over 7 global retainers in place.
Our team has excellent media connections, with national and trade media, allowing us to repeatedly deliver fantastic headlines for our clients.
What insights can you share about the state of the European fintech industry?
It’s no secret that these are challenging times for fintech businesses, especially start-ups that are seeking funding.
The technology being developed is set to transform the way businesses operate, saving time and money and these innovations will always attract eagle-eyed investors seeking the next big opportunity.
Recent research has estimated that European funding for fintech businesses dropped by 47% in 2024, compared with the previous year. Additional data has revealed that the European fintech sector recorded $18.4bn in total funding across 1,050 deals, marking a noticeable decline of 47% from the $34.6bn raised in 2023 and a 46% drop in deal volume from 2,787 transactions in the previous year.
This decline followed a period of high levels of funding in 2021. However, the same research revealed that 35% of business leaders believe it will take until at least 2028 to recover to these levels.
Over-regulation of key areas of fintech has also been cited as a persistent problem, holding back companies from investing in AI and other key areas.
Despite all these challenges, I’m incredibly confident that the fintech industry will be able to surge again. The technology being developed is set to transform the way businesses operate, saving time and money and these innovations will always attract eagle-eyed investors seeking the next big opportunity.
Should regulatory rules be relaxed to allow fintech companies to thrive?
Regulation exists for a very good reason, to protect businesses and members of the public from poor practice. After the 2008 global financial crash, it was right for the EU to put in place safeguards to stop exploitation and malpractice, which was to a certain extent unchecked beforehand.
One key area is that overly complex processes and rules mean that fast-growing organisations lose out to international competition.
I regularly chair debates in both the House of Lords and the Parliament about the role regulation can play in enabling businesses to operate effectively, but we also discuss the downsides. One key area is that overly complex processes and rules mean that fast-growing organisations lose out to international competition.
In summary, regulation should be relaxed but not eradicated. The truth is it has morphed from a necessary process to uphold standards in the industry into a hindrance for fast-growing businesses.
Can you give us an example of some of the work you are doing for fintech organisations?
We work with several fintech businesses, specialising in international payments, transactions and invoice processes. We’re also very proud to work with The University of Warwick, which we helped launch its £4.2m Fintech Centre last year. As part of its launch, the University has opened a state-of-the-art new lab, with impressive facilities for teaching and learning.
The fact that such a prestigious university feels confident to launch such a substantial facility underlines the long-term viability of the fintech industry. They are also offering a brand-new MSc Financial Technology qualification, something which I believe sets the industry standard.
Why should fintech companies work with a PR agency?
Our job is to make our clients look great, by showcasing their fantastic work, thought leadership and insights across traditional and social media. The campaigns we run are creative but practical, leading to a major uptick in brand recognition but also major sales leads. We work with the client to amplify their existing work, but also help them design and build eye-catching campaigns that deliver real value to the bottom line.
About the Author
Steven George-Hilley, founder of Centropy PR, a global B2B tech and fintech specialist communications with offices in London and San Diego. The company works with FTSE 250 global brands, mid-size companies and start-ups, designing and deploying high impact campaigns to deliver sales and brand loyalty.
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