- PayTech companies raised four of the top ten UK FinTech deals in May, showing continued innovation and interest from VCs in the sector. The total transaction value of digital payments in the UK is expected to reach $436bn in 2022 with a projected CAGR of 15.7% to hit $782bn in total by 2026. This places the United Kingdom third globally for projected total transaction value of digital payments in 2022.
- PayTech was also the most dominant UK sector overall in May with 10 deals in total accounting for 19% of all FinTech transaction The Blockchain & Crypto sector was second with nine deals in total. Overall, deals in May 2022 for the UK stood at 52 in total, down 35% compared to May 2021 levels.
- Bloom, an AI-based lending platform, was the largest FinTech deal in May in the country raising £300m in its latest Series A funding round led by Credo Capital and Fortress Investment Group. Bloom offers a differentiated pricing model and a “pay-as-you-go” feature set and estimates that e-commerce merchants have incurred £125-£200 million in excess fees based on the current pricing status quo and saw an opportunity to disrupt the traditional industry model.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global