LONDON—The U.K.’s interest in fintech companies remains robust despite the global economic slowdown, with investment rising by almost a quarter from the previous year.
That’s according to new data released by Innovate Finance, the industry body representing the U.K.’s fintech sector, Fintech Magazine reported.
U.K. fintech investment grew to $9.1 billion in the first half of this year – a 24% increase from the same period in 2021 – compared to flat investment growth globally.
Across the whole of Europe, $17.6 billion was invested into European fintechs spread across more than 7,000 different deals. That represents a 10% increase compared to the same period last year, although Innovate Finance notes that this growth is being driven by the U.K.’s continued buoyancy. Investment in European fintech excluding the U.K. would have been 2% lower year-on-year, Innovate Finance said.
Second-Biggest Destination
“The data is important because the U.K. is the second-biggest fintech destination globally, after the U.S., and the biggest fintech hub in Europe,” Fintech Magazine reported..
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