One in three finance startups struggle without key resources

Nearly one in three finance entrepreneurs in the UK say they lack the critical resources and support needed to successfully launch their business, putting the future of finance startups at risk, according to new research released by HSBC UK.

The survey of 1,000 startup founders, conducted in partnership with Censuswide, found that 31% of finance startup entrepreneurs identified resource and support shortages as a major barrier to entry. Key pain points included access to financial backing and investment (41%), strategic borrowing to fuel growth (29%), and access to online training and startup resources (27%).

In response to the challenges highlighted by the research, HSBC UK has launched its Small Business Growth Programme — a nationwide initiative offering free tools, training, and expert-led webinars to help early-stage businesses succeed. Developed in collaboration with Microsoft, UpSkill Universe, and WIRED, the programme aims to reach one million small businesses within the next 12 months, whether or not they are HSBC customers.

Tom Wood, Head of Business Banking at HSBC UK, emphasised the need for urgent action to support the UK’s entrepreneurial ecosystem:

“Whilst we’re seeing growth in the number of British startups, it’s concerning to see many of those believe their future is uncertain due to access to the right support. Launching a new business can be in equal parts rewarding and stressful.”

He added: “We need to see more collaboration between government and industry to create accessible tools and tailored advice to help propel startups to success. By offering practical tools, training and expert-led webinars, we hope to boost the financial resilience and growth of these businesses when they need it most.”

Even after launching, many founders continue to face difficulties. Thirty percent of finance startup owners report ongoing struggles, with 12% stating that the support they’ve accessed hasn’t fully met their needs.