Banking / Finance

Can Britian be a FinTech world leader

28th Feb `16, 12:38 PM in Banking / Finance

It wasn’t so long ago that the term “fintech” would have been meaningless to most people, perhaps conjuring…

BDMS
Guest Contributor
 

It wasn’t so long ago that the term “fintech” would have been meaningless to most people, perhaps conjuring up images of a surfboard brand at best. Yet over the past few years, the term has gained increasing traction with London’s business and political elite, and the burgeoning financial technology sector is being seen as a saviour of Britain’s software and banking sectors.

There is no arguing with the numbers. According to KPMG, there has been a six-fold increase in investment in fintech companies over the past three years. Around $20 billion was poured into the sector last year which was up two thirds on 2014.

No wonder then that the government has leapt on the notion that Britain could emerge as a world leader in fintech given the City of London’s strength in financial services. Ministers said last year that British financial technology generated £20 billion of revenue in 2014, and the UK and Ireland is the fastest growing region for fintech investment in the world.

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