London was last month confirmed as the world’s top hub for fintech venture capital funding.
So far in 2022, it has raised $6.3 billion. That’s well ahead of New York at $4.5 billion and Silicon Valley at $5.5 billion. It comes on the back of record venture capital investments in London last year of $25.5 billion as well.
With my own business background in fintech, this sector and its success – which is incredibly important to London’s economy – is very close to my heart.
London is Europe’s undisputed technology capital and is home to more start-ups and scale-ups than anywhere else. Nowhere else on earth can you meet venture capitalists, regulators, customers and partners all within a short ride on the Underground, an ecosystem now even better served by the newly opened Elizabeth line.
The success of London’s fintech sector is testament to traditional industries such as fashion, financial services, healthcare and education innovating with technology to create bold new ideas. The capital’s position as a global financial centre, combined with its status as a global technology hub, has cemented the UK as a leader in fintech.
London is a test bed for innovation and a place where new ideas thrive. The city is home to 3,018 fintech headquarters, more than New York’s 2,531 and San Francisco’s 1,515.
Thanks to unicorns such as Wise, Starling Bank, Onfido, Monzo, Checkout.com and Revolut, the UK represents more than 10% of the global fintech market share.
The sector is booming and has proved incredibly resilient over the past two years. In fact, I would go further and say that it has performed remarkably. We want to ensure this continues to be the case, as it is vital to our aim to build a better London for all – a city that is a fairer, greener, safer and more prosperous place for everyone.
Research by recruitment firm Hays recently revealed that recruitment in London’s tech sector has now risen above pre-pandemic levels and the sector in the UK is now worth $1tn.
The only other countries to reach this figure are the US and China, and technology investment and innovation will play a key role in driving the UK’s economic recovery going forward.
The city’s creativity and diversity create a fantastic playground for innovation to thrive. Whether you’re looking to set up, expand or scale your business, London offers a wealth of resources.
Rajesh Agrawal is Deputy Mayor of London for Business
From the UN
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