When I reflect on the journey of the Development Bank of Wales, the growth we’ve experienced strikes me as nothing short of remarkable.
Since our transformation into the Development Bank, our team has grown by approximately 90%, expanding to around 280 employees. This growth is built on a number of successes, so it’s only right that we look to export our expertise and embrace collaboration wherever we can.
One of the pivotal moments in our journey was the decision to extend our knowledge and fund management activities beyond Wales. Establishing FW Capital across the border was a significant step, bringing numerous benefits. Not only has it become a profitable entity for the Development Bank, bringing money back to Wales, but it has also provided us with invaluable insights into the broader financial landscape.
This exposure to what’s happening elsewhere has been instrumental in driving opportunities such as delivering some of the British Business Bank’s funding directly in Wales.
We also have a strong track record of successes investing in the next wave of high-impact businesses. For instance, Admiral, a prominent Welsh company, has a venture arm that invests in innovative companies like Wagonex, which is revolutionising car ownership through a subscription model. Admiral’s investment alongside the Development Bank of Wales exemplifies the strength of our financial services ecosystem and our collaborative efforts to nurture Welsh businesses.
Another shining example is the formation of an angel syndicate by an individual with extensive experience in financial services. This syndicate comprises like-minded individuals eager to invest in fintech businesses, demonstrating the ongoing commitment to supporting local enterprises. Such initiatives are vital for inspiring ambition and providing the knowledge and resources necessary for businesses to grow.
One of Wales’ greatest strengths is its well-connected financial ecosystem. Compared to other parts of the UK, the ability to access the right people quickly is a significant advantage. Whether it’s engaging with the Welsh Government or connecting with industry experts, the ease of communication and collaboration is unparalleled. This connectivity ensures that we can swiftly align with Government priorities and effectively support SMEs in navigating the complex finance market.
In recent months, the landscape has become more intricate with new offerings entering the finance market. However, our strength lies in our ability to manage and explain these changes to SMEs, who are often preoccupied with running and growing their businesses. Being able to get the right people involved quickly and efficiently is crucial, and it’s something we excel at in Wales.
