Investment in UK fintech (Financial Technology) firms in the UK reached more than £2.47 billion in the first six months of 2019, despite a drop in the worldwide fintech funding market during the same period.
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 has seen six of the top 10 deals in Europe so far this year, 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.
France, Germany, China, the US, Canada, Argentina and Canada have seen some growth in investments in the opening six months.
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.