Reuters Agency in London reports that record breaking investments are expected to come to British fintech companies. The investments amount is about to be the highest among other European competitors, and data showed that Brexit hasn`t had that huge impact on this fact so far.
The UK government now considers the financial technology firms as a main source of growth in this sector, which offers various services from mobile payment apps to even digital currencies.
A research of the London Mayor’s office shows that from the beginning of the year 2017 the investments into British fintech start-ups has doubled, comparing to same period last year. 90% of those investments were attracted by London. Same London has pulled in five times the start-ups amount of any other city in Europe, according to same research.
However, there were worries that Brexit could have provoked a decrease of international investments into UK fintech.
Still Kevin Chong, co-head of emerging companies at Investec, who invests in fintech start-ups, stated that he had noted an increase in international investors over the past 12 months.
“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.
Nevertheless, Silicon Valley of London still misses investments despite the overall dominance of London in Europe.
“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 in his statement Rajesh Agrawal, London’s Deputy Mayor for Business. “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.”