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Obtaining a fintech license in the UK is a formidable challenge, marked by high barriers to entry and intense competition. With hundreds of companies vying for a limited number of licenses, the process can be daunting. Typically, it requires a year of meticulous preparation to submit an application to the Financial Conduct Authority (FCA), followed by another year for approval. Financially, the endeavor demands significant investment, with costs starting at around £150,000 and potentially escalating further. Additionally, having a local presence is crucial; companies must secure local directors, banking facilities, and technology solutions before even drafting their business plan. This plan necessitates two versions: one tailored for regulatory scrutiny and another designed for potential investors, underscoring the complexity and meticulous planning required to succeed in this competitive landscape.