London has climbed ahead of San Francisco and New York to become the world’s biggest center for FinTech investment, according to a report by Dealroom.
The report found that London has attracted £7.8bn in FinTech venture capital funding since the start of the year, finishing ahead of New York and San Francisco’s $7.8bn and $7.4bn totals respectively.
According to the Evening Standard, this marks a striking achievement for London, which has combined its strengths in financial services and tech to become a world powerhouse in fast-growing areas such as payment processing and online banking.
The publication noted how many London FinTechs continue to expand and have begun fresh recruitment drives despite widespread tech redundancies in the US.
An earlier Dealroom survey revealed that London is Europe’s most successful place for employees of unicorn firms.
According to the findings, 27 London-founded unicorns produced the most new ventures at 168, with the lion’s share of the activity coming from fintech. Paris had 125 start-up from founders of 22 unicorns, although a greater proportion of them were set up in French capital, at 75%. In Berlin, 24 local unicorns generated 138 even newer ventures, with 70% of them staying there.
Last year, a Lloyds Bank survey found that banks believe London will maintain its leading global financial center status despite the regulatory uncertainty posed by Brexit.
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