{"id":7043,"date":"2020-06-25T12:07:58","date_gmt":"2020-06-25T12:07:58","guid":{"rendered":"https:\/\/dagroup.pxdev.xyz\/london-is-still-the-european-hotspot-for-venture-capitalists-when-it-comes-to-fintech\/"},"modified":"2020-06-25T12:14:40","modified_gmt":"2020-06-25T12:14:40","slug":"london-is-still-the-european-hotspot-for-venture-capitalists-when-it-comes-to-fintech","status":"publish","type":"post","link":"https:\/\/dagroup.pxdev.xyz\/en\/london-is-still-the-european-hotspot-for-venture-capitalists-when-it-comes-to-fintech\/","title":{"rendered":"London is still the European hotspot for venture capitalists when it comes to fintech"},"content":{"rendered":"
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According to London & Partners, London is still the European hotspot for venture capitalists when it comes to fintech.<\/p>\n

London remains the top European city for venture capital investment in financial technology firms, according to data released by Mayor Sadiq Khan’s promotional agency.London & Partners. Investors have poured more than $1 billion into fintech companies across the U.K., including those in London, since the beginning of the year, London & Partners said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Fintech firms in the capital raised the overwhelming majority of cash \u2014 more than $980 million \u2014 and accounted for 90 percent of all fintech investments in the U.K. as a whole.<\/p>\n

\u00a0\u00ab\u00a0The fact that we have seen over \u00a31 billion worth of venture capital investment into London fintech companies since the EU referendum vote offers further proof that global investors still believe London will remain a leading fintech hub for many years to come,\u00a0\u00bb Rajesh Agrawal, London’s deputy mayor for business, said in a statement Thursday.<\/div>\n

London & Partners said that 2017 was likely to be a record year for investment in the capital’s fintech sector.<\/p>\n

But the entrepreneur admitted the capital faced a challenge from the U.K.’s decision to leave the European Union in July 2016.<\/p>\n<\/div>\n<\/div>\n

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Brexit challenge<\/h4>\n
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Agrawal said that the U.K.’s withdrawal from the EU would pose \u00ab\u00a0major challenges,\u00a0\u00bb but added that London’s fintech hub \u00ab\u00a0cannot be replicated anywhere else.\u00a0\u00bb He called for a Brexit that keeps London within the EU’s single market.<\/p>\n

\u00ab\u00a0This 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,\u00a0\u00bb he said.<\/p>\n<\/div>\n<\/div>\n

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The data also showed that venture capital investment in London’s fintech industry alone has topped $1 billion in the 16 months since Britain’s decision to quit the European bloc. London is also the fourth largest city for venture capital investments, trailing behind San Francisco, Beijing and New York.<\/div>\n<\/div>\n<\/div>\n
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Major UK fintech investments this year<\/h4>\n
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A number of U.K. fintech start-ups have raised considerable amounts of capital this year. One firm, Revolut, raised $66 million\u00a0in a funding round in July. The digital banking alternative then topped up this investment with an additional $5.3 million just over two weeks later.<\/p>\n

Revolut’s equity crowdfunding campaign was apparently so oversubscribed that 40,000 investors \u2014 including tennis star Andy Murray \u2014\u00a0committed more than $22 million\u00a0to the start-up. Revolut’s CEO Nikolay Storonsky said that access to capital and London’s financial regulation were among the factors that made it possible to scale his business. \u00ab\u00a0In just two years, Revolut has raised over $90 million in investment and attracted over 900,000 users,\u00a0\u00bb Storonsky said in a statement Thursday. \u00ab\u00a0There is no doubt in my mind that a large part of our success is down to choosing London and the U.K. as our headquarters and home.\u00a0\u00bb<\/p>\n

Mobile app-based Starling Bank, meanwhile, has said it\u00a0looks to raise $54 million\u00a0from investors to drive expansion into international markets.<\/p>\n<\/div>\n<\/div>\n

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And mobile payments app Yoyo Wallet raised more than\u00a0$15 million in investment in June, as it eyed mobile engagement with retailers in both the U.K. and Europe.\u00a0\u00bbLondon is the optimal place to set up and scale a fintech company,\u00a0\u00bb Yoyo’s CEO Alain Falys told CNBC in an emailed statement Wednesday.<\/div>\n<\/div>\n
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\u00ab\u00a0Thanks to the unique ecosystem we have in the city \u2014 which gives us access to talent, capital, forward-looking retailers and consumers \u2014 we’ve grown into a major brand in a very short period of time, becoming Europe’s fastest growing loyalty and mobile payments provider.\u00a0\u00bb<\/p>\n

He added that growing his business \u00ab\u00a0probably wouldn’t have been possible to achieve \u2014 at least not this soon \u2014 in any other city.\u00a0\u00bb<\/p>\n<\/div>\n<\/div>\n

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Nine\u00a0European cities ranked by total venture capital investment in fintech<\/h4>\n
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  1. London, U.K.: $3.49 billion<\/li>\n
  2. Stockholm, Sweden: $659 million<\/li>\n
  3. Berlin, Germany: $436 million<\/li>\n
  4. Paris, France: $327 million<\/li>\n
  5. Dublin, Ireland: $108 million<\/li>\n
  6. Amsterdam, Netherlands: $98 million<\/li>\n
  7. Zurich, Switzerland: $90 million<\/li>\n
  8. Madrid, Spain: $45 million<\/li>\n
  9. Frankfurt, Germany: $34 million.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

    According to London & Partners, London is still the European hotspot for venture capitalists when it comes to fintech. London remains the top European city for venture capital investment in financial technology firms, according to data released by Mayor Sadiq Khan’s promotional agency.London & Partners. Investors have poured more than $1 billion into fintech companies […]<\/p>\n","protected":false},"author":3,"featured_media":6918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,12],"tags":[],"class_list":["post-7043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-en","category-uncategorized-fr"],"_links":{"self":[{"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/posts\/7043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/comments?post=7043"}],"version-history":[{"count":0,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/posts\/7043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/media\/6918"}],"wp:attachment":[{"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/media?parent=7043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/categories?post=7043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dagroup.pxdev.xyz\/en\/wp-json\/wp\/v2\/tags?post=7043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}