The UK Fintech Founder's Guide To PPC Agency Vetting

I see this all the time. A UK fintech founder, probably like you, has a brilliant product but is getting absolutely hammered on paid ads. You've hired a PPC agency that talks a good game, but your ad spend is vanishing with little to show for it. Your ads get constantly disapproved for reasons no one can explain, and the leads you do get are completely unqualified. Tbh, it’s not entirely your fault. You've been sold a lie: that any good PPC agency can handle any industry.

For UK fintech, that’s a dangerously expensive myth. The reality is, you're not operating in a normal market. You're in one of the most heavily regulated, competitive, and complex advertising landscapes in the world. A generic agency, used to running campaigns for ecommerce stores or local services, is like bringing a water pistol to a gunfight. They don't understand the rules, the players, or the mindset of your customer.

This guide is going to give you a framework to cut through the noise. It’s a no-nonsense approach to finding a PPC partner that won't just run your ads, but will actually understand your business and the unique challenges of the UK fintech market. We're going to move beyond the glossy sales pitches and give you the tools to properly vet an agency, so you can finally stop wasting money and start acquiring customers profitably.

So, why do most PPC agencies fail at Fintech?

Let's be brutally honest. Most agencies fail because they underestimate the complexity. They see 'finance' and think it just means higher keyword bids. They're wrong, and their ignorance costs you money. The problem breaks down into two main areas: regulatory incompetence and a complete lack of niche intelligence.

First, the big one: The Financial Conduct Authority (FCA). In the UK, any form of advertising for a financial product or service is considered a 'financial promotion'. This comes with a mountain of rules designed to protect consumers. Your ad copy, your landing page, even the user experience has to be 'clear, fair, and not misleading'. This isn't some vague guideline; it's a set of hard rules with serious consequences. Get it wrong, and at best your ads get rejected. At worst, you could face regulatory action.

Most agencies have never even heard of these rules. They'll write compelling, high-conversion copy that would be brilliant for selling a software subscription, but it's an instant red flag for Google or Meta's policy bots in the financial sector. They don't know how to include the right risk warnings, they make promises they can't legally make ("guaranteed returns!"), and they don't understand that words like 'advice' can land you in hot water if you're not authorised. They then spend weeks in a frustrating back-and-forth with ad platform support, all while your campaign is burning cash and producing zero results. I've audited accounts where 50% of the budget was wasted on ads that were disapproved after a few hours, simply because the agency didn't understand the fundamental rules of the game. It's a disaster, and it's completely avoidable if you work with someone who has been through this process before. It's why many businesses find their campaigns are simply not converting despite good traffic, a problem that often stems from a fundamental mismatch between the ad's promise and what you're allowed to deliver under UK fintech advertising regulations.

The second failure point is a lack of niche intelligence. 'Fintech' isn't one market. It's dozens of micro-markets. An investment app for Gen Z is a completely different beast from a B2B SaaS platform for automating compliance, or a challenger bank for small businesses. Each has a unique customer, a unique pain point, and a unique path to purchase. A generic agency will log into Google Ads and target broad keywords like "investment app" or "business banking". The Cost Per Click (CPC) for these terms in the UK is astronomical, often exceeding £20-£30 per click. You'll be competing with massive, established banks with nine-figure marketing budgets. It's a battle you can't win.

A specialist understands the nuances. They know your audience isn't just searching for broad terms. They're reading specific newsletters, following particular influencers on Twitter, using competitor apps, and are part of niche online communities. The targeting strategy for a real fintech expert goes layers deep, finding pockets of high-intent users that the big players have overlooked. They aren't just targeting demographics; they're targeting a problem state. This is how you find customers efficiently, without getting into a bidding war you're destined to lose. This is particularly important because if you just copy what works in other markets, you will fail; you need a partner who can help you build a paid ad strategy specifically for the UK.

How can I be sure an agency truly understands FCA rules?

This is probably the most important question you need to ask. Anyone can say they have 'experience in finance', but very few can prove they understand the specific compliance challenges of UK fintech advertising. You need to test them, and here's how.

During your initial call, don't just ask "Do you have experience with FCA regulations?". The answer will always be "yes". Instead, ask specific, operational questions that expose their real level of knowledge. Try these:

• -> "Can you walk me through your process for ensuring ad copy and landing pages are 'clear, fair, and not misleading'?"
• -> "Tell me about a time a financial promotion you were running was disapproved. What was the reason, and how did you resolve it with the ad platform?"
• -> "What are your procedures for including appropriate risk warnings for a product like ours?"

A competent agency will have clear, confident answers. They'll talk about their internal compliance checklist, their process for reviewing landing pages, and how they work with clients to balance marketing effectiveness with regulatory requirements. They might even mention specific sections of the FCA's CONC or COBS rulebooks. They will have stories—battle scars from getting it wrong in the past and learning from it. Their answer will be detailed and specific.

A pretender will give you a vague, waffly answer. They'll say something like "Oh, we just make sure to be honest" or "We run it by our copywriter". This is a massive red flag. It shows they don't have a formal process and are likely to learn the rules on your dime. This isn't just about getting ads approved; it's about protecting your business from regulatory risk. Choosing the right partner is critical, and a good starting point is understanding how to properly vet a UK Google Ads expert for your specific needs.

The ad approval process for a fintech company isn't the same as for an ecommerce brand. It involves an extra, critical layer of compliance scrutiny, both internally and by the ad platforms which are under pressure from the FCA. A specialist agency understands this and builds it into their workflow.

As you can see, a specialist agency bakes compliance into the core process. They don't see it as an afterthought. This proactive approach not only keeps you safe but also leads to much better campaign performance because your ads go live faster and stay live longer, allowing the algorithms to optimise properly.

What does 'expert targeting' actually look like for a Fintech?

This is where a specialist agency really separates themselves from the pack. As I mentioned, generic agencies will target obvious, broad keywords and interests. A true expert understands that your ideal customer is a very specific person with a very specific 'nightmare' that your product solves. Your job isn't to target 'people interested in finance'; it's to target that nightmare.

Let's take an example. Say you have a new UK investment app aimed at high-earning millennials who are confident with tech but new to investing. A generic agency might target:

• -> Interests: 'Investing', 'Stocks', 'Finance'
• -> Demographics: Age 28-40, High Income Bracket
• -> Keywords: "how to invest", "best investment apps UK"

This isn't terrible, but it's lazy. You'll be paying a fortune to compete with Hargreaves Lansdown, AJ Bell, and every major bank. Your ad will be shown to thousands of people who aren't your ideal customer—financial advisors, students writing essays, institutional investors, etc. Your Cost Per Acquisition (CPA) will be through the roof.

A specialist agency thinks differently. They build a profile of your ideal customer's entire digital life. Their thought process looks more like this:

• -> What are their pain points? They're time-poor. They find traditional investment platforms clunky and intimidating. They feel like they 'should' be investing but don't know where to start.
• -> What media do they consume? They probably listen to podcasts like 'The Rest is Money', read newsletters like 'Finimize', and maybe follow financial meme accounts on Instagram.
• -> What other products do they use? They're likely early adopters of other fintechs like Monzo or Revolut. They might use an Amex card.
• -> What are their behaviours? They engage with tech content. They might be categorised as 'business travellers' by Meta's algorithm.

Armed with this intelligence, the specialist builds a much sharper targeting strategy:

• -> Meta Ads: Layered audiences. For example, Age 28-40 AND Interest in 'Monzo' AND Interest in 'Finimize'. Or create a lookalike audience from your existing best customers.
• -> Google Ads: Go after long-tail, high-intent keywords that the big players ignore. Instead of "investment apps", they might target "Hargreaves Lansdown alternative for beginners" or "best S&S ISA for passive investing UK". These show much stronger intent and have less competition. They might also run a Display campaign targeting placements on specific financial news websites or YouTube channels.

The difference in performance is stark. By focusing on a highly relevant, niche audience, you reduce wasted ad spend, increase your click-through rate, and dramatically lower your acquisition costs. You're not just shouting into a void; you're having a conversation with people who are already primed to listen. This is particularly crucial for financial products like investment apps, where trust and relevance are paramount. Getting this right is a huge part of effective PPC for UK investment apps.

Are you tracking the right numbers? Why LTV is everything.

Here’s another massive mistake I see founders make. They become obsessed with a single metric: the Cost Per Lead (CPL) or Cost Per Install (CPI). They push their agency to get this number as low as possible, thinking that's the path to profitability. This is a dangerous trap. A low CPL is useless if the leads are low quality and never convert into paying customers. It's a vanity metric that makes you feel good but doesn't grow your business.

A top-tier fintech agency will immediately shift the conversation from CPL to a much more powerful metric: the ratio of Customer Lifetime Value (LTV) to Customer Acquisition Cost (CAC). This is the fundamental equation of sustainable growth.

Lifetime Value (LTV): The total profit your business makes from an average customer over the entire time they remain a customer.
Customer Acquisition Cost (CAC): The total cost of sales and marketing (including ad spend, agency fees, salaries, etc.) required to acquire one new customer.

A healthy, scalable business typically aims for an LTV:CAC ratio of at least 3:1. This means for every £1 you spend acquiring a customer, you get at least £3 back in profit over their lifetime. This simple ratio changes everything. It tells you exactly how much you can afford to spend to acquire a customer. Suddenly, a £100 CPA might not look so expensive if you know that customer will generate £1,000 in profit for your business.

Calculating your LTV is the first step. For a subscription fintech, a basic formula is:

LTV = (Average Monthly Revenue Per User * Gross Margin %) / Monthly User Churn Rate

Let's run through an example. Imagine your investment app has a platform fee that averages out to £15 per month per user. Your gross margin is 85%, and you lose 3% of your users each month (monthly churn).

LTV = (£15 * 0.85) / 0.03
LTV = £12.75 / 0.03 = £425

In this scenario, each customer is worth £425 to your business. With a target 3:1 LTV:CAC ratio, you can afford to spend up to £141 (£425 / 3) to acquire a single new customer. This is your new benchmark. This is the number you should be managing your agency against, not some arbitrary CPL. It empowers you to invest confidently in channels and campaigns that might have a higher upfront cost but deliver higher-value customers who stick around longer. This is the core principle of building a proper paid acquisition playbook for fintech.

Use the calculator below to get a rough estimate for your own business. It's a simple tool, but the insight it provides can fundamentally change your approach to marketing.

The Vetting Checklist: Questions to Ask Before You Sign Anything

Alright, you're armed with the right mindset. You understand the importance of FCA compliance, niche targeting, and LTV. Now it's time to put it into practice. When you get on a call with a potential agency, you need to be in control. You're not there to be sold to; you're there to conduct an interview. Here is a checklist of questions designed to seperate the experts from the amateurs. You don't need to ask all of them, but their ability to answer these confidently will tell you everything you need to know.

About their Fintech & UK Experience:

• -> "Can you show me 2-3 case studies from UK fintech or financial services clients? I'm less interested in the brand names and more in the process, challenges, and specific results like CPA, LTV, and ROAS."
• -> "What do you consider the biggest difference between advertising a fintech product in the UK versus the US?" (A good answer will mention the FCA, cultural differences in risk appetite, and the competitive landscape).
• -> "How do you stay up to date with changes in FCA financial promotion rules and ad platform policies for financial products?" (Look for specific sources, like industry newsletters, regulatory updates, or specialist forums).

About their Strategy & Approach:

• -> "If we were to start tomorrow, what would be your process for the first 30 days? Walk me through your onboarding and research phase."
• -> "Beyond broad keywords, what kind of audience research would you do to identify our ideal customer? What tools do you use for this?"
• -> "How do you approach campaign structure for a business like ours? Do you seperate campaigns by user intent, funnel stage, or something else?"
• -> "What's your philosophy on creative testing? How quickly do you iterate on ad copy and visuals, and how do you measure success?"

About Measurement & Commercials:

• -> "How do you propose we measure success beyond clicks and impressions? What are the key performance indicators (KPIs) you'd focus on?"
• -> "Our LTV is approximately £X. How would that figure inform your bidding strategy and budget allocation?"
• -> "What does your reporting look like? Can I see a sample report? I want to understand how you communicate performance and insights, not just data."

An expert will relish these questions. They'll see it as an opportunity to showcase their expertise. An agency that gets defensive, gives vague answers, or tries to deflect is telling you they don't have the depth of experience you need. It's a simple, effective filter. The process of finding the right partner in a major hub like London can be daunting, but a structured approach can help you navigate the local agency landscape effectively.

Making the Final Call: Expertise over Everything

By now, you should have a much clearer picture of what to look for. You've moved beyond the superficial sales pitch and have a framework for assessing true competence. When you make your final decision, there's one principle that should guide you above all others: niche expertise trumps everything else.

It doesn't matter if an agency is based in Shoreditch, has a huge team, or has won a dozen awards for campaigns in other industries. If they don't have provable, hands-on experience navigating the unique challenges of the UK fintech advertising market, they are a risk. You'll end up paying for their education, and it's an expensive tuition fee.

A smaller, specialist agency that lives and breathes UK fintech will almost always outperform a larger, generic agency. They already know the compliance pitfalls to avoid. They already have a playbook for targeting your niche audience. They speak your language and understand that you're not just trying to get clicks; you're trying to build a sustainable, profitable business. They can help you avoid common pitfalls and implement a framework to stop wasting money on Google Ads.

The table below summarises the key differences between a generic agency and a fintech specialist. Use it as a final scorecard when evaluating your options.

Choosing the right partner is one of the most important decisions you'll make for your company's growth. It's the difference between spinning your wheels and building real, predictable traction. Hopefully, this guide has given you the confidence and the tools to make that decision correctly.

Navigating the world of paid advertising for a regulated industry is complex, and even with the right framework, it can be overwhelming. The principles outlined here are the foundation, but successful execution requires constant testing, optimisation, and deep platform expertise. If you've read this far and feel that your current approach isn't working, or if you're looking to launch paid ads but want to do it right from day one, it might be time to speak with a specialist.

We offer a free, no-obligation strategy session where we can take a look at your business, your goals, and your existing campaigns (if you have them). We'll give you honest, actionable advice based on our experience growing UK fintech companies. There's no hard sell, just a genuine conversation to see if we can help. If you're ready to stop burning cash and start building a real customer acquisition engine, feel free to get in touch to schedule your session.