Despite the uncertainty surrounding Brexit, the UK Fintech industry continues to go from strength to strength, according to the most recent data.
London captured most of the £2.99 billion VC spend on UK tech firms, illustrating investor confidence in England’s capital and its place in the Fintech industry.
These figures show that VC investment into Britain’s tech sector has reached an all-time high. In 2016 the amount totalled £1.63 billion, but the 2017 figures are nearly double.
UK firms received nearly quadruple the amount of funding in 2017 than their counterparts in Germany, who received £694m, and more than Ireland, Sweden and France combined. In terms of cities, London was a clear winner in Europe, securing more VC investment than Amsterdam, Berlin or Paris.
Fintech was the leading sector within overall tech investment, taking up a total of £1.34 billion. Of this, the majority was injected into start-ups, which accounted for a whopping 90%. 2017 was a record year for several market disruptors, such as TransferWise (£211m), Monzo (£71m), and Funding Circle (£81.9m).
We are hopeful that 2018 will be just as successful as 2017 in terms of deals, capital and disruption within the Fintech sector.