Is London the capital of the FinTech Challenger Banks?

Is London the Capital of Challenger Banks in FinTech?

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The UK, and specifically London, is home to the largest number of FinTechs across the world, with some amazing success stories.

London is the home of major FinTech Unicorns.

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LONDON LEADS THE WAY FOR FINTECH

With a rising number of FinTech unicorns (companies valued at $1 billion or more) such as Revolut, Monzo and TransferWise, London is looking to lead the way when it comes to the FinTech scene across the world.

It is thanks to companies such as these that London attained the top spot in 2019 as the ‘European capital of FinTech’. Driven by innovation, creativity and using cutting-edge technology, the UK’s capital secured its position by attracting investment at a record rate.

London even led the way on a global level, overtaking New York and San Francisco when it came FinTechs securing investments, with deals worth over $2 billion. With approximately 40% of investors coming from outside Europe, the UK capital city proved to attract a wider international investor mix compared to other big cities around the world.

"Driven by innovation, creativity and using cutting-edge technology, the UK’s capital secured its position by attracting investment at a record rate."

CHALLENGES REMAIN FOR UK FINTECHS

While the UK’s FinTech position looks promising, there are a number of underlying challenges that are still being met. According to a survey summary by EY and Innovate Finance, 53% of 224 FinTechs surveyed found recruiting suitable talent was a major challenge. Key digital skills, such as software engineering, system architecture and development are among the most in-demand and hardest to find.

Most UK FinTech companies are looking to build their talent base at home, however a larger number are looking at other regions to find valuable talent at reasonable costs.

Despite the hiring challenges, UK-based FinTechs continue to evolve and accelerate at rapid speed. Whether London will remain the hub of FinTechs after the effect of geopolitical factors, such as Brexit, are felt remains to be seen.

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