British fintech start-ups have received more than 825 million pounds ($1.1 billion) of international investment since the start of 2017. This investment amount is twice the amount seen in the same period last year, research commissioned by the London Mayor’s office found.
London gained the most from the investment as 90% of the investment fund goes to London. According to research, over the past 5 years, London has attracted more than 5 times the amount than any other European city.
It seems that Brexit did not affect the international investments in UK fintech sector.
Accroding Kevin Chong, co-head of emerging companies at Investec, the past 12 months had seen an increase in international investors, and in the number of those who had never previously invested in the sector. Investec has investments in fintech start-ups across the world.
"A lot of it is to do with the fact that we have such a high concentration of financial service players in London in such a tight geography," he said.
"And fintech, unlike some of the other technology sectors, is one of those areas where you can’t avoid having to partner with or have some sort of relationship with the established players."
Fintech investment in London is still lagging behind Silicon Valley, which had $6.5 billion in the past five years. Despite this, Chong said that access to major banks and other financial services firms is better in London, which allows quicker growth.
"Clearly Brexit poses major challenges, but London’s position as a global financial center and world-class technology hub...cannot be replicated anywhere else," said London's Deputy Mayor for Business, Rajesh Agrawal, in a statement.
"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."
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