Posted on October 20, 2017 by staff

London FinTech boost despite Brexit fears


London has led an upsurge in FinTech investment in Britain this year as fears over Brexit abate.

A total of £852 million has been invested in British FinTech firms in 2017, with 90 per cent of that heading into London.

It is already a record figure, standing at 17 per cent higher than the previous record of £588m, set two years ago.

The research from London & Partners, the Mayor of London’s promotional agency, showed that the £852m figure was almost double that recorded for the same period in 2016.

“London remains a world leader in FinTech and the companies on this trade delegation are at the forefront of developing cutting edge financial technologies,” said Rajesh Agrawal, deputy mayor for business.

“The fact that we have seen over £1 billion worth of venture capital investment into London FinTech companies since the EU referendum vote offers further proof that global investors still believe London will remain a leading FinTech hub for many years to come.”

London remains the no.1 European city for FinTech investment. In worldwide terms this year it is behind only the US (£3.6bn) and China (£1bn).

Over the last five years London FinTech firms have brought in £2.43bn – more than Paris, Frankfurt, Berlin and Amsterdam combined.

The closest European competitors over that time period were Stockholm (£470m), Berlin (£309m) and Paris (£233m).