OnDeck, UK Trade Group Work on Fintech Policy

Don’t look now but OnDeck is getting knee-deep in fintech policy.

The online lender said that it will partner with UK’s Innovate Finance, a fintech trade group to launch a Transatlantic Policy Working Group to exchange intelligence and information on regulatory and policy issues governing fintech.

The group will work on universal fintech issues like the use of data, building a payments infrastructure for financial inclusion, open source APIs in banking and automated investment advice through robo advisors, when kicking off its first meeting at Google’s Washington DC office.

“The transatlantic policy working group represents a great opportunity to share key insights, best practices and knowledge between US and UK fintech stakeholders,” said Daniel Morgan, head of policy and regulation at Innovate Finance “It will help drive real change in the public policy arena when it comes to the development and growth of a vibrant fintech sector.”

Venture capital investment in fintech companies more than doubled last year compared to 2014, hitting an all time high of $14 billion, up 106 percent from $7 billion in 2014. The UK attracted a total of $623 million in fintech investment in 2014 and Innovate Finance committed to increasing that number to $8 billion by 2020 in venture and institutional investment.