The United Kingdom, chiefly London, is known to be a global leader and one of the most thriving FinTech ecosystem in the world.
According to a report in December 2017 by Her Majesty’s treasury, the FinTech sector “contributes £6.6 billion annually to the UK economy, and employs over 60,000 people in 1,600 companies”.
UK led last year’s total investment in the category with a whopping $16 billion invested in the country, out of a total of $26 billion invested across 198 deals in Europe.
Innovation gets a further boost by the United Kingdom’s regulatory authority, the Financial Conduct Authority (FCA), through a slew of policy initiatives such as the regulatory sandbox.
Challenger banks from the UK emerged to be one of the strongest players with increasing adoption and product upgrades. Revolut, this year, raised a Series-C round of $250 million at a valuation of $1.7 billion – a testament to investor belief in British FinTech.
PSD2 and GDPR implemented in Europe earlier this year, in addition to UK’s own open-banking initiative has given to the emerging category of RegTech in the country. First half of 2018 saw two companies, CloudPay and CloudMargin, raise $25 million in Series-C and $10 million respectively.
Even traditional bank Goldman Sachs launched a digital challenger bank – Marcus – in the UK this August.
While Brexit and the post-Brexit climate are expected to have some impact on the thriving FinTech ecosystem, LATTICE80 remains a firm believer that it is not London’s status as a gateway between U.S. and Europe but its status as a global hub of finance that makes the best place for the industry, Brexit or not.
LATTICE80 in its continuing series of reports on the topmost companies and people contributing to the growth of the industry as a community presents this latest report ‘LATTICE80 FinTech UK 50’. Our KAYA Network currently has over 450 FinTech startups from the UK. Here, we introduce you to some of the most important FinTech and Blockchain influencers to follow within the UK.
In case you think we have missed someone or wish to suggest a correction, please email email@example.com.
Published on 07 September 2018