Bim Afolami: From British Politics to a New Chapter in Finance and AI Innovation
Discover the life, education, political career, Treasury responsibilities, and business ventures of former Conservative MP Bim Afolami.
Bim Afolami is a British former Conservative politician, financial services executive, and entrepreneur who represented Hitchin and Harpenden in Parliament from 2017 to 2024. His professional journey has taken him from corporate law and banking to government and business leadership. He served as Economic Secretary to the Treasury under Prime Minister Rishi Sunak, where he worked on financial services policy and regulation. Following the 2024 general election, he returned to the private sector and subsequently co-founded i23, an artificial intelligence-focused insurance venture. His career reflects the close relationship between British politics, financial regulation, and technological change.
This article explores Bim Afolami’s background, education, parliamentary achievements, government responsibilities, family life, and professional activities through November 2026.
Quick Bio
| Field | Details |
|---|---|
| Full Name | Abimbola Olubunmi Edet Afolami |
| Known As | Bim Afolami |
| Birth Year | 1986 |
| Age | 40 in 2026 |
| Birthplace | England |
| Nationality | British |
| Education | Eton College, University of Oxford |
| University Subject | History |
| Political Party | Conservative Party |
| Former Position | Member of Parliament |
| Constituency | Hitchin and Harpenden |
| Ministerial Position | Economic Secretary to the Treasury |
| Parliamentary Service | 2017–2024 |
| Current Business Role | Co-founder and President of i23 |
| Other Business Role | Non-Executive Director, HSBC UK |
| Marital Status | Married |
| Children | Three |
The Early Influences Behind Bim Afolami’s Public Career
Born in 1986, Bim Afolami grew up in Crowthorne, Berkshire. His family background blended British and Nigerian influences, with education and professional service shaping his upbringing.
His father, originally from Nigeria, worked as an NHS doctor, while his mother was a pharmacist. Afolami has said his parents’ experiences shaped his understanding of opportunity, education, and community responsibility.
These early influences later shaped his public statements about social mobility and the importance of institutions that help people develop their abilities.
Education at Eton College and Oxford University
Afolami attended Eton College, one of Britain’s established independent schools, before studying History at University College, Oxford.
During university, he participated in debating and student activities, including the Oxford Union. He also played football for the university.
His education provided opportunities to engage with political ideas and public debate before he pursued a professional career in London.
Building a Professional Foundation in London’s Financial Sector
Before entering Parliament, Afolami spent approximately a decade working in law and finance.
He began his career as a corporate lawyer at Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett. Both firms are known for advising major corporate and financial clients.
He later moved into banking, becoming a senior executive at HSBC, where he focused on corporate strategy and restructuring.
Why His Financial Experience Mattered
This combination of legal and banking experience became an important element of Afolami’s political background.
Corporate law involves understanding regulation, commercial agreements, and business transactions. Banking strategy requires familiarity with financial institutions, risk management, and economic conditions.
These professional experiences were directly relevant to the financial policy responsibilities he later held at HM Treasury.
Bim Afolami’s Election to the House of Commons
Afolami first entered the House of Commons after winning the Hitchin and Harpenden constituency in the 2017 general election as a Conservative candidate.
He succeeded Peter Lilley, who had represented the constituency for many years.
Afolami was re-elected in December 2019 and continued to represent communities across Hertfordshire until Parliament was dissolved in May 2024.
Parliamentary Committees and Policy Interests
During his parliamentary service, he participated in several committees, including the Public Accounts Committee and the Business and Trade Committee.
His parliamentary interests included financial markets, business regulation, renewable energy, and economic policy.
He also held positions in all-party parliamentary groups associated with credit unions, sustainable energy, and financial services.
A Change in Conservative Party Leadership
In July 2022, Afolami resigned as a Conservative Party vice-chair during the political crisis surrounding Prime Minister Boris Johnson’s leadership.
His resignation formed part of a broader series of departures by Conservative politicians from government and party positions at that time.
Appointment as Economic Secretary to the Treasury
A major development in Bim Afolami’s political career came on November 13, 2023, when he became Economic Secretary to the Treasury under Prime Minister Rishi Sunak.
The position, commonly associated with the City minister’s responsibilities, placed him within the government department responsible for the UK’s economic and financial policies.
His ministerial service concluded on July 5, 2024.
Financial Services Regulation and Economic Growth
His Treasury responsibilities covered financial services regulation, capital markets, financial technology, banking, and aspects of international financial services.
The portfolio also included cryptocurrency policy, financial inclusion, and the relationship between government and financial regulators.
In January 2024, he delivered a speech at Bloomberg’s London headquarters discussing the government’s ambition to strengthen British capital markets.
Later that year, he spoke publicly about financial services reform, investment, and the competitiveness of the UK’s financial sector.
These speeches reflected the Conservative government’s policy priorities. The economic effects of individual reforms require separate assessment rather than being attributed solely to one minister.
The 2024 General Election and Departure from Parliament
The 2024 general election ended Afolami’s parliamentary service.
Following constituency boundary changes, he contested the new Hitchin constituency rather than the former Hitchin and Harpenden seat.
Labor candidate Alistair Strathern won the election with 23,067 votes, while Afolami received 14,958 votes.
The result gave Labor a majority of 8,109 votes and marked Afolami’s departure from the House of Commons.
His ministerial appointment also ended following the change of government.
Returning to Banking and Corporate Leadership
Following the election, Afolami returned to professional roles in financial services.
In January 2025, he became a non-executive director of HSBC UK Bank plc, returning to an organization where he had previously worked.
He also joined the insurance and financial services company Acrisure in February 2025, taking a senior strategy position.
Government records confirm that these appointments were considered under the business appointment rules applying to former ministers.
The rules included restrictions intended to address potential conflicts of interest involving previous government responsibilities.
Bim Afolami and the Launch of i23 in 2026
A more recent development came in 2026, when Afolami co-founded i23, an insurance technology business, with entrepreneur Anand Sambasivan.
Afolami stated that he left Acrisure in July 2026 to help establish the venture, where he serves as president.
The company is developing an AI-based approach to commercial insurance broking, using technology to reduce administrative work and support human brokers.
In October 2026, Sky News reported that i23 had secured approximately £4.9 million in seed funding.
The reported investment supports the company’s plans to develop technology-led insurance services. Its longer-term commercial results remain to be established.
This venture represents another transition in Afolami’s career, combining his experience in financial regulation, banking, insurance, and business strategy.
Personal Life and Family Background
Bim Afolami is married and has three children.
Although he has discussed his family background and upbringing in public interviews, he generally maintains a distinction between his public responsibilities and his family’s private life.
His British-Nigerian family heritage has featured in discussions about his identity and early experiences.
Publicly documented details about his professional work are considerably more extensive than information about his personal affairs.
Frequently Asked Questions About Bim Afolami
1. Who is Bim Afolami?
Bim Afolami is a British former Conservative MP, former Economic Secretary to the Treasury, and financial services professional. He represented Hitchin and Harpenden between 2017 and 2024 and later moved into banking, insurance, and entrepreneurship.
2. How old is Bim Afolami?
He was born in 1986 and turned 40 in 2026. He grew up in Berkshire before attending Eton College and the University of Oxford.
3. What did Bim Afolami do at HM Treasury?
He served as Economic Secretary to the Treasury from November 2023 until July 2024. His responsibilities included financial regulation, banking, capital markets, fintech, and policies concerning the UK’s financial services industry.
4. Is Bim Afolami still a Member of Parliament?
No. His parliamentary membership ended in 2024. He contested the newly established Hitchin constituency in the July 2024 general election but lost to Labor candidate Alistair Strathern.
5. What is Bim Afolami doing now?
As of November 2026, he is co-founder and president of i23, an AI-focused insurance business. He also holds a non-executive directorship at HSBC UK. His previous post-parliamentary experience includes a senior strategy role at Acrisure.
Conclusion: Bim Afolami’s Continuing Role in British Business
Bim Afolami has followed a career that connects corporate law, international banking, Westminster, and financial technology.
His seven years in Parliament included committee responsibilities and a ministerial appointment overseeing important areas of financial services policy. His departure from elected office in 2024 was followed by a return to banking and insurance.
The creation of i23 in 2026 represents the latest documented phase of his professional career. While the venture’s future performance remains uncertain, his work illustrates how experience in government and financial institutions can carry into emerging technology businesses.
