A report from British Business Bank has shown that fintech is popular with business angels in the UK, with 24% citing the sector as their top area for investment.
The UK Business Angels Market report showed that fintech outperformed other areas for business angel investments, including healthcare and life sciences.
The report also revealed where the majority of the UK’s business angels are based, with more than 55% being based in London and the southeast, while London is also a top area for angel investments, with almost a third of investments being made in the city.
In terms of the rest of the UK, the southwest was found to have the largest number of business angels outside of London and the southeast. Scotland is home to just 8% of business angels, while 4% are based in Wales and 1% in Northern Ireland.
Commenting on the importance of business angels to the UK economy, Keith Morgan, chief executive of the British Business Bank, said: “Angel investors play a vital role in the economy, bringing patient capital, business experience, and skills to support the growth of smaller businesses.”
He added that their funding and expertise can be the key to unlocking rapid growth for businesses that are wanting to expand, diversify or enter new markets.
Morgan also stated that this why British Business Bank is launching a new commercial investment programme in the summer this year to provide support to developing clusters of business angels across the UK.
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