Samuel OskysIn 2019 the Fintech sector in London attracted 114 deals worth $2.1bn in just 8 months, according to Mayor of London Sadiq Khan’s promotional agency London & Partners.
According to the report, London won most of the funding rounds even though the Cali’s San Francisco raised $3bn and attracted just 80 deals, and New York took 101.
New York’s total deal value amounted to $1.9bn whilst London $200mil. Belgium followed with $881mil and Stockholm next with $735mil.
UK’s online bank Monzo worth $2.5bn and OakNorth valued at $2.8bn, they’ve attracted huge numbers and boosted London’s Fintech industry development greatly.
CEO of Innovated Finance, Charlotte Crosswell stated in one of her interviews,
“Generally what you’re seeing is a maturing of the sector. The numbers of deals are coming down slightly but the size is going up. That’s very natural and we would expect to see that as companies are becoming more successful and scaling globally as well.”
Some may believe that the US is still home to the largest Fintech market, but local industry executives argue that the UK and various European countries are ahead when it comes to innovation in the Fintech industry. The same goes for new Fintech applications and contactless technology in credit cards.
According to other sources in the industry, the UK has a much more advanced competition going on. Generally, in Europe, the competition is higher than the US which puts the Americans behind when it comes to new Fintech technology.
The UK has offered customers more than apps and contactless cards. The Challenger Bank model has helped upstarts attract millions of users, with digital bank Monzo hitting 3 million and Revolut with over 7 million. Among other plans, Revolut will raise a new round of funds by the end of the year.
Image Source by Evening Standard.
