University to lead £6.5m financial innovation programme

The Leeds Financial Innovation Exchange (LFIX), which will be delivered through the University’s innovation hub Nexus, is one of the first major initiatives to be championed by the new Northern Square Mile Board.

LFIX will connect businesses with University research and innovation to address shared challenges and accelerate the adoption of emerging technologies. Areas of focus will range from artificial intelligence and cyber security to fraud prevention and climate risk.

The programme will strengthen Leeds and West Yorkshire’s international position as a centre for financial innovation, uniting the strengths of one of Europe’s largest financial and professional services clusters with University of Leeds research expertise.

We are proud to be helping shape a new model of collaboration between academia, industry and innovators.

Professor Nick Plant, University of Leeds

The initiative is backed by funding from the Local Innovation Partnerships Fund (LIPF), a flagship UK Government programme delivered through UK Research and Innovation (UKRI), which is investing £500 million to strengthen regional innovation economies across the country.

The Northern Square Mile Board, a new industry-led partnership established to support the growth of Leeds and West Yorkshire’s financial and professional services sector, held its first meeting this week, with senior leaders in attendance from banking, financial technology, professional services, academia and the public sector.

The board brings together organisations including Lloyds Banking Group, Deloitte, Yorkshire Building Society, FinTech North and the University of Leeds around a shared ambition to strengthen innovation, investment, skills and international connectivity.

Expertise and ambition

Professor Nick Plant, Pro-Vice-Chancellor: Research and Innovation at the University of Leeds, said: “The Northern Square Mile is already one of the UK's most important centres for financial and professional services.

“Through the Leeds Financial Innovation Exchange, the University of Leeds is bringing together the very best of our research and innovation capabilities with the expertise, ambition and real-world challenges of industry partners across the region.

“From financial technology and artificial intelligence to data science and climate risk, the University has internationally recognised strengths that can help organisations respond to some of the biggest opportunities and challenges facing the sector.

“As the lead institution behind LFIX, we are proud to be helping shape a new model of collaboration between academia, industry and innovators.

“By connecting world-class research with real business needs, we can strengthen Leeds' position as a nationally and internationally recognised centre for financial innovation, while creating new opportunities for businesses, researchers, students and the wider regional economy.”

Seizing opportunities

Tracy Brabin, Mayor of West Yorkshire, said: “West Yorkshire is home to the largest financial and professional services cluster outside London, with the Northern Square Mile in Leeds attracting the Bank of England, the National Wealth Fund, innovative businesses, high-growth unicorns, national regulators and global investors.

“As we strengthen our international connections, attract investment and bring together leaders from across the sector, we will drive the next chapter of growth.

“In an increasingly competitive global economy, we are giving businesses in our region the confidence to invest, collaborate and seize opportunities wherever they arise.”

Cllr James Lewis, Leader of Leeds City Council and Deputy Mayor of West Yorkshire, said: “We have a shared ambition to reduce poverty and inequality through the creation of growth in our economy that benefits everyone who calls Leeds and West Yorkshire home.

“The Northern Square Mile is a key driver for our economic vision and delivery plan, which sets out a roadmap to generate £20 billion in economic growth and create 100,000 new jobs across the city in the next 10 years.

“The Northern Square Mile is already a huge success, it’s the largest centre for financial and professional services in the UK outside of London. We know it has the potential to be even bigger, we have set out the aim to double the growth of the Northern Square Mile.

“To do this, collaboration is vital, which is why I’m delighted to see this board bring our great organisations together with shared purpose and ambition to deliver an inclusive, healthier and more sustainable future.”

Knowledge, networks and experience

Ed Whiting, Chief Executive of Leeds City Council and Chair of the Northern Square Mile Board, said: “By bringing together partners working in the Northern Square Mile and sharing the wealth of knowledge, networks and experiences around the table, we become more than the sum of our parts.”

He said the first meeting was, “a significant milestone in the growth of a sector that is vital to Leeds’ future success”.

“I know all the Board members are eager to work together to grow our local economy and ensure new jobs and growth are accessible to everyone in the city,” he added.

The Board’s first meeting came as West Yorkshire develops a new relationship with Gujarat following Yorkshire’s first joint trade mission to India.

Gujarat is home to major financial institutions, international businesses and GIFT City, India’s international financial services centre, creating opportunities for organisations in both regions to build relationships, exchange expertise and explore new markets.

Mark Burton, Regional Ambassador for Yorkshire at Lloyds Banking Group, said: “The Northern Square Mile has huge potential. Leeds and West Yorkshire already have the scale, expertise and talent to be a major force in the future of financial and professional services.

“The challenge now is to turn that strength into real economic impact, with more innovation, investment and high-value careers. The ambition is to make this a place where businesses come not just to operate, but to innovate, invest and grow.”

Further information

Please contact the University of Leeds press office at [email protected]