Born to Disrupt – Rajesh Agrawal on London, Innovation, and the Future of Disruption
In this episode of Born to Disrupt, former Deputy Mayor of London for Business Rajesh Agrawal joins the hosts to reflect on his remarkable journey from modest beginnings in India to becoming a successful fintech entrepreneur and senior policymaker. Over the course of the conversation, Rajesh shares his personal story, the challenges he faced, the lessons learned from building a business, and his perspective on London’s position as a leading global hub for innovation.
From Indore to London – A Journey of Resilience
Rajesh grew up in Indore, India, in a modest household where financial resources were limited but ambition was not. After graduating in computer science, he moved to the UK in his twenties, arriving with just £200 in his pocket. Like many new arrivals, he faced cultural and economic challenges, but he quickly identified opportunities in the global money transfer market.
Personal experience played a key role in shaping his entrepreneurial path. Sending money home to India was slow and expensive, and Rajesh saw an opportunity to make the process cheaper and more efficient. This led to the founding of RationalFX, a fintech company focused on lowering the cost of cross-border payments, and later Xendpay, a pay-what-you-want remittance platform. His success in business laid the foundations for a shift into public service.
A Call to Public Service After Brexit
Rajesh’s move into politics came unexpectedly. In the wake of the 2016 Brexit referendum, then Mayor of London Sadiq Khan appointed him Deputy Mayor for Business. It was a turbulent moment, with uncertainty surrounding London’s relationship with the EU and its future as an open, globally connected city. Rajesh saw the role as an opportunity to give back to a city that had given him so much and to ensure that London remained attractive to international talent, investment, and innovation.
Over the next eight years, Rajesh worked across multiple sectors to strengthen London’s business ecosystem. He engaged with entrepreneurs, investors, academics, and policymakers to promote the city as a welcoming place for both established businesses and start-ups.
London’s Strengths and the Importance of Openness
Rajesh identifies several factors that underpin London’s success as a global hub for business and innovation:
Talent – London attracts highly skilled individuals from around the world, creating a diverse and dynamic workforce.
Regulation – The UK’s regulatory environment, while robust, is open to innovation, making it easier for new sectors such as fintech to emerge.
Infrastructure – From transport to digital connectivity, London offers world-class infrastructure that supports business growth.
Culture – A rich cultural life and global outlook make London a magnet for creative talent.
Collaboration – Strong links between government, industry, and academia foster innovation and problem-solving.
Rajesh stresses that maintaining this openness is crucial to London’s continued success. Restricting immigration or becoming insular, he warns, would undermine the city’s competitive advantage.
The Future of Disruption
Looking ahead, Rajesh identifies several areas where disruption will drive the next wave of innovation:
Artificial Intelligence – Already transforming industries, AI will redefine business models, labour markets, and customer experiences.
Clean Energy – Addressing climate change presents vast opportunities for innovation in renewable power, energy storage, and sustainable infrastructure.
Space Technology – From satellite communications to exploration, space is becoming an increasingly important commercial frontier.
Blockchain – Beyond cryptocurrencies, blockchain’s potential in secure transactions, supply chain transparency, and digital identity remains largely untapped.
Rajesh also notes that the UK must continue to support scale-ups—companies that have moved beyond start-up phase but need resources and market access to grow internationally.
Legacy and Reflection
Reflecting on his time as Deputy Mayor, Rajesh takes pride in having championed London’s global image, supported diverse communities, and promoted entrepreneurship as a force for positive change. He believes London’s story is one of constant reinvention—a city that adapts to challenges and seizes opportunities, whether in finance, technology, or culture.
His personal journey from immigrant entrepreneur to senior public servant is a testament to resilience, vision, and the power of openness. For Rajesh, London’s future lies in staying true to these values while embracing the transformative potential of emerging technologies.
