Fintech Funds Hit Record in London Fillip Despite Brexit

It emerged on Thursday that the financial technology sector of London is on track for a record year of investment, as the promotion agency of the mayor released new figures.

A research commissioned by the Sadiq Khan’s office discovered that investors had pumped over £825 million into British fintech start-ups since the beginning of 2017, double the amount observed in the same period in 2016.

The research discovered that London attracted 90% of that investment, and over the past five years, it has pulled in more than five times the amount of any other European city.

Rajesh Agrawal, the Deputy Mayor for Business, stated: “This highlights the need for a Brexit which enables London to maintain its place at the heart of the single market.”

The Brexit vote prompted jitters over tech investment. However, the research implies that fintech firms have not been hit so far. Fintech investments in 2017 include $66 million (£50 million) that is raised by Revolut, its challenger bank, and $50 million by Receipt Bank, an accountancy software firm.

Financial technology businesses are challenging traditional banking by offering services that are ranging from mobile payment apps to digital currencies such as bitcoin.

The Treasury believes that the sector will be a primary source of growth as Britain leaves the European Union.