Investment in the UK’s financial technology industry rose by 150% last year, according to Innovate Finance and Pitchbook.
Over £1.3 billion was injected into start-ups in the UK, pushing the UK’s fintech market ahead of China.
Digital and culture minister, Matt Hancock said: “It is great to see Britain’s entrepreneurial juices are flowing with this record investment.
“We will strain every sinew to back British enterprise and this level of investment will help create more for the good, well-paid jobs of the future that we want to see.”
There had originally been worries that Brexit would cause low investor confidence in the UK’s fintech sector, however, a report by research firm Beauhurst revealed that investment across all sectors more than doubled last year to £8.3bn.
Chief executive of fintech membership association, Innovate Finance, Charlotte Crosswell added: “There is no doubt that London’s position as a leading financial and technology centre is driven by the UK’s focus on policy and talent, allowing us to attract the entrepreneurs and investors that are bringing real, positive change to the world of fintech.”
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