Fintech investment in the UK set for record-breaking 2017, London leading the way
Investment into fintech in the United Kingdom has reached £825mn already in 2017, with the full-year figure set to break all records.
Tech firms have rivalled more traditional banks in recent years with their easy-to-access banking services and investment has already doubled compared to the same point in 2016.
According to data released this week, London is leading the way with five times as much investment as any other city on the continent.
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"Clearly Brexit poses major challenges, but London’s position as a global financial centre and world-class technology hub cannot be replicated anywhere else," said London’s Deputy Mayor for Business, Rajesh Agrawal.
"This highlights the need for a Brexit which enables London to maintain its place at the heart of the single market, as the continent’s financial capital."
The record annual figure was set in 2015, but that is almost certain to be broken following deals such as the $66mn worth of funding that was pumped into Revolut, the digital challenger bank.