UK’s financial tech industry sees investment grow by record 150 per cent — despite fears of Brexit slump
More than £1.3 billion of new cash was pumped into UK startups like banking apps Transferwise and Monzo
BRITAIN’s booming financial tech industry saw investment soar by a record 150 per cent last year — despite fears a Brexit slump.
More than £1.3 billion of new cash was pumped into UK startups like banking apps Transferwise and Monzo.
And it pushed Britain’s innovative financial technology market ahead of China and second only to the USA.
Half of the cash invested in the British firms came from outside of the UK, according to research Innovate Finance and Pitchbook.
Two of the biggest 20 deals globally were for UK firms Transferwise and Oaknorth.
And Funding Circle, Interactive Investor and Monzo also saw big money investments.
Last night insurance app Cuvva said: “the UK is the new center of gravity for fintech.”
Boss Frederick Macnamara added: “The combination of technical and financial talent makes London a no-brainer for anyone building a new type of financial service.”
And Digital and Culture Minister Matt Hancock said: “It is great to see Britain’s entrepreneurial juices are flowing with this record investment.”
He added: “We will strain every sinew to back British enterprise and this level of investment will help create more for the good well paid jobs of the future we want to see.”
Innovate Finance chief executive Charlotte Crosswell said: “There is no doubt that London’s position as a leading financial and technology centre is driven by the UK’s focus on policy and talent, allowing us to attract the entrepreneurs and investors that are bringing real, positive change to the world of fintech.”