Fintech (Financial Technology) firms in the UK saw investment worth more than £2.47 billion in the first half of 2019, despite a global downturn in the fintech funding market.
The latest data shows that £31 billion was invested worldwide in fintech companies in the six months to the end of June 2019, which represents a significant year-on-year decrease against 2018’s figure of £51.6 billion.
The UK fintech sector saw six of the top 10 deals in Europe, with UK businesses winning 68 per cent of the overall private equity and venture capital investment in Europe.
Experts believe that 2019 is set to be a record year for the UK fintech sector, with investment in the opening six months of the year nearly eclipsing the total for the entirety of 2018.
Several high-profile mergers and acquisitions took place in 2018, but with the next acquisition of WorldPay due to close in the second half of this year, experts are predicting that the UK could overtake China in terms of overall fintech investment.
During the same period of time, France, Germany, China, the US, Canada, Argentina and Canada have seen some growth in investments.
The emergence of open banking represents a significant factor for fintech investment, according to many experts, with new technologies such as AI and machine learning helping to develop the market.
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