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London is Europe’s booming billion dollar fintech capital

By Alex Wood 14 September 2015
Summary

With $5.4bn raised, Britain's capital is driving the future of finance.

The capital has firmly cemented its position in Europe as the undisputed place where finance meets technology, thanks to research revealed by Fintech Week London, a series of events which start today.

Out of a pool of $49.7bn of global investment in financial tech since January 2010, Britain has snapped up $5.4bn, making it the clear leader in Europe.

Britain’s billions raised eclipsed the total $4.4bn across the rest of the continent, but lags behind the United States which achieved $31.6bn over the same period.

Outlook strong for financial tech

When it comes to finance and technology, London plays to its strengths. With world class financial centres in the City and Canary Wharf alongside Europe’s fastest growing tech cluster known as Tech City, it was only a matter of time before the two did business.

Passion Capital
Passion Capital's Eileen Burbidge (pictured centre) has picked a number of winners and is now the Government's Special Fintech Envoy.

The trend looks set to continue. A wave of new mobile banks including Mondo and Starling are poised to launch. And Transferwise, a money transfer service with the backing of Richard Branson, recently joined the ranks of new British businesses valued at over $1bn and there are plenty more on the horizon for 2015.

Innovate Finance, Britain’s trade body for the sector continues to go from strength to strength and with Eileen Burbidge (pictured above), one of the London scene’s most prominent investors, recently appointed as a special envoy for fintech by George Osborne, the future of finance has never looked better.

Fintech Week London takes place 14-20 September in locations throughout the city. See the full schedule here.