Maria Deam

Vice Consul, Financial Services at UK Trade & Investment

New York City, New York

Maria Deam | LinkedIn Profile

Can you provide some background on your role with UK Trade & Investment?

UK Trade & Investment (UKTI) is the British Government’s economic development arm, and I work on foreign direct investment for financial services in New York. This means that as part of UKTI’s free and confidential service, I focus on helping New York (as well as CT, PA, & NJ) HQ-ed companies expand to the UK (yes, for free!) – whether they need bespoke market research, visa help, advice on the tax/legal/regulatory environment in the UK, or introductions to relevant networks. Each company I work with wants something different, so a lot of my job is working to understand the ecosystem and what these companies need in order to excel in a global expansion. While I cover the financial services sector as a whole, I spend about 90% of my time on FinTech.

You work for the UK government but live and work in New York City. Can you shed some light on this?

I wish I could say my life was just like James Bond’s. My family moved from the UK about 16 years ago, so I’m now a dual US/UK citizen. I’m based out of the British Consulate General in New York – it’s been a fantastic opportunity to work with exciting companies who are creating jobs in my homes on both sides of the pond.

What led to your interest and career in FinTech?

It was entirely driven by the initiatives coming out of our HQ in London – we kept hearing about our financial regulator pushing for more open innovation in the UK, better R&D tax incentives, an emphasis on mandatory coding for UK schoolchildren to increase our future tech talent pool, and new industry bodies to make the UK the most competitive place for FinTech. I realized quickly that as the British Government’s representative in New York, we had better know the NY FinTech ecosystem inside and out if we were to act as a launching pad for all these explosive UK companies entering the US market.

You mentioned while attending hedge fund events you were ‘asked to get coffee’ and in FinTech you are asked “what is your opinion?” Can you expand on this?

I go to a lot of networking events and seminars for work, for all subsectors of financial services. When I first started at UKTI, we were focused heavily on traditional finance, which meant a lot of hedge fund events. I found at those events, I was usually one of very few women, with the average age teetering around the mid-40s. I didn’t quite fit in with the crowd, and was often mistaken for a secretary or assistant, not a representative of the UK Government. I eventually learned to push past my initial British instinct of rushing to comply with a request to retrieve a hot beverage (Earl Gray, anyone?), and instead made it clear that I had just as much right to be talking about AIFMD and UCITS as everyone else there. I almost immediately felt more comfortable at FinTech events, as it seemed most people there really wanted to collaborate and hear what others had to say. While there’s still a diversity issue in FinTech, I feel a lot more represented at those events I attend.

You are one of the youngest team members in your role. What advantages do you believe this gives you in identifying and working with tech companies?

During pitches, I’m always hearing “Millennials want x, y, z”, and my initial reaction is to say – “Hey! Don’t try and put me in a box just because of my age!” and then I realize that I absolutely want “x, y, z.” I can’t remember the last time I went into a bank branch, I pay my rent via Venmo, and I keep track of all my spending and saving via apps. I’ve grown up in the world of expecting more, now, and I buy into that with financial services as well – essentially making me the target audience for a lot of these new FinTech products. I think I also have the time and energy to go to these endless demo days, panels, and conferences after work most nights, whereas some of my older colleagues have bigger outside commitments… or hobbies that aren’t just FinTech!

In 2015 you had the opportunity to work with London Mayor Boris Johnson during his visit to New York City. What was that experience like?

Whirlwind sums it up nicely. In partnership with London & Partners, the Mayor’s organization that promotes London as an investment location (and much more), we brought 22 awesome UK FinTech companies for a trade delegation to Boston and New York. Not only did we have these 22 startups, some of which brought multiple delegates, that were all very excited about coming to the US and cementing massive new deals, we had Boris himself and his entourage – it was a lot to manage. One of our bigger NYC events was “Breakfast with Boris” where we had him on stage with Ariana Huffington for a fireside chat, and then had each of the delegates up on stage for a 30 second pitch to a room of about 300. The press coverage was crazy – no one could get enough of Boris – and he was an absolute hoot to work with. Definitely a completely different experience from the usual Ministerial visits we get throughout the year.

What are some of the key support activities UK Trade & Investment focuses on for startups?

On the Investment side, we’re a free, one-stop-shop for companies looking to expand to the UK. We can help startups find the best talent, understand the legal, tax, and HR requirements for setting up in the UK, get them the best rates for office & co-working space, provide customized market research, and get them integrated into the startup community much faster than they would otherwise. On the Trade side, we do the above, but for UK companies looking to expand to foreign markets – in my case to the US. We also help these UK companies win contracts in the US, support them in exporting their services internationally, and occasionally host events for product launches or networking receptions at the Consulate.

Which do you prefer: London or New York? Be honest…

The dreaded London or New York question! I’ve moved around quite a bit and have lived in some pretty different cities (ie Oxford, UK; Miami, FL; Raleigh, NC) but I can easily say that New York and London are my two favourite cities. I left London when I was young and now only visit for work and seeing family, so it has an odd combination of feeling like home but also a place I’m still exploring. I love living in NYC – I can walk to work every day, everything I need is either easily deliverable or just around the corner, and it’s full of amazing people.

Who(m) do you believe has had the most influence with respect to your own career?

This is super cheesy, but I have to say my parents as they lived the American dream, but in the UK. Both started with nothing and built themselves a really successful life, which gave my sister and I many opportunities they never had – and for that I am eternally grateful. I’m sure there were times when I didn’t appreciate my father constantly pushing me to work harder, but like it or not, I was forced to punch above my weight, question everything, and hold myself to a higher standard. “Failure, plus excuses, does not equal success.” Thanks Dad.

Who do you consider to be strong women leaders in the FinTech space?

All of them! If I have to pick, I think Vivian Maese (Partner at Latham & Watkins for FinTech) is one of those quiet leaders that maybe not everyone has heard of, but anyone who knows her is blown away by her command of the fintech space. I’ve seen her sit at the head of a conference room and at the drop of a hat give ten different FinTech entrepreneurs spot-on, game-changing advice after hearing them give only a 30 second overview of their company. I also have to mention Eileen Burbidge – the UK’s Special Envoy for FinTech, Chair of Tech City UK, Partner at Passion Capital, and one of the Mayor of London’s Tech Ambassadors. She definitely ticks all my boxes for a “strong woman leader.”

What do you see as the 3 leading future trends for FinTech?

As a government nerd, I’d love to see RegTech get more attention. I’d also be all over Insurance as the next thing to be disintermediated, especially as I’m starting to see more InsurTech accelerators. Finally – I’m hesitantly excited about a potential UK government initiative to develop and demonstrate blockchain and distributed ledger technology.