UK hits the fintech top spot
By Teamspirit on Wednesday, 1 August 2018
In the last six months more investment money has poured into UK fintech than any other country worldwide, according to a new report from KPMG.
The latest figures see the UK take the top spot from the US, thanks in part to big-money investments in brands like Revolut (£190m), eToro (£77m) and Moneyfarm (£41m). Against a backdrop of pessimism regarding the UK’s post-Brexit fintech industry, investment from venture capitalists has cemented the UK’s position as an industry leader.
But it’s not just the UK. Across the globe investment levels have soared, with a staggering £44bn raised worldwide in the last six months, compared to £29bn in the entirety of 2017.
“The year has got off to an exceptionally strong start,” said Anton Ruddenklau, KPMG Fintech’s global co-lead.
“In addition to the bullish levels of investment the UK has attracted, our fintech sector has also benefitted from the government’s continued support with the launch of the Fintech Sector Strategy.”
In the UK, sectors like artificial intelligence and robotic processing lead the field in terms of money secured. And the cash will continue to flow, predicts KPMG, who identified regtech, wealth management and digital identification verification as ones to watch for the coming year.
As firm believers in the power of fintech to transform financial services, we’re excited to see our belief matched by investors. Over the coming months, we’ll be watching to see which brands continue to thrive and which arise to make the most of new opportunities around open banking, PSD2 and the like.