London will remain a top FinTech hub
London will continue to be the world’s leading financial technology hub, according to research from rating agency Early Metrics.
The research assessed 1,500 FinTech companies across Europe and found London remains the top spot for FinTech. This is despite the challenges and uncertainty faced by executives in the industry over Brexit.
Recent reports suggest London will continue to be a world leader in FinTech, even after the UK has exited the EU. The city outperformed New York in the Z/Yen Global Financial Centres Index (GFCI) last month.
According to a 2016 study from professional services and Big Four firm KPMG and H2 Ventures, London was host to 17 of the top 50 international financial technology businesses.
Separate figures from Innovate Finance show $564 million of funding was invested into FinTech start-ups in Britain in the first half of 2017.
According to figures from Early Metrics, London now hosts over 44,000 professionals in the FinTech industry. However, the agency also highlighted challenges the city faces, with regulatory issues being a key problem when it comes to fostering innovation and attracting talent in the industry.
Early Metrics CEO Antoine Baschiera commented: “London will maintain its FinTech influence if this landscape does not change. Positioned as the gateway between the US and the EU, the UK already possesses expertise in successful FinTech ventures and the capability to continue this trend, demonstrated by the $564 million invested in FinTech start-ups this year alone.”
KPMG Strategy Partner Paul Merrey stated that “a sector deal would be a major boost to the UK’s ability to maintain its status as a global fintech leader.”