COVID-19 could cost the British FinTech industry about £1.4bn in investment, according to research from blockchain firm Qadre and techUK.
Having polled 59 FinTech founders, the researchers found that roughly 68% have missed out on important funding because of the ongoing pandemic. The average amount lost individual businesses to date runs to approximately £1.2m.
Given the nation is home to over 1,600 FinTech companies, the researchers estimated that £1.4bn of investment has disappeared.
The research comes after a period of considerable growth in FinTech investments into UK businesses. Then amount invested into the industry jumped from £921m in 2015 to £6.76bn in 2019, according to FinTech Global’s research. The first quarter of 2020 saw £1.3bn being injected into the nation’s companies.
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