London wins more fintech investment than any other city
London has attracted more fintech investment than any other city in the world, with $3.1bn (£2.65bn) received in the first half of 2022.
San Francisco’s Bay Area has taken second place with $3bn of fintech investment, followed by New York with $1.6bn, and Singapore with $1.2bn.
India’s Bengaluru came in fifth place globally, with $0.8bn invested this year, and the Greater Boston region came in sixth with $0.6bn.
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Meanwhile, fintech investment in the Middle East and North Africa (MENA) region has been on an upward trajectory, with more than $819m invested in the first half of 2022. This is almost 14 times more than in 2016.
According to comparison site MoneyTransfers, London’s success is due to challenger banks such as Revolut and Starling Bank.
“The UK’s fintech sector is unrivalled in Europe and is continuing to grow at an incredible rate,” said Jonathan Merry, chief executive of MoneyTransfers.
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“London is the natural home for many of these businesses due to the city’s deep pool of talent, its global reputation, and the supportive ecosystem that exists here.
“The UK government’s recent decision to provide tax breaks for early-stage businesses will only further fuel the fintech sector’s growth and make the country even more attractive to entrepreneurs and investors.”
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