London is the FinTech capital of Europe

London is the place to be for FinTech companies. We know what’s going on and run a growth accelarator programme for Norwegian technology executives in the Finance district.

Photo: Thinkstock

Photo: Thinkstock

We have witnessed a major shift in the FinTech landscape over the last year. As more and more startups are entering this market we thought it would be a good idea to give you an understanding in what’s going on and what developments and challenges we can expect to see in this sector.

Market intelligence from the accelerator programme Startupbootcamp’s and key findings from PWC’s FinTech survey suggest that there are four key trends in this market that stands out:

  • Payments, once the main focus for financial technology innovation, has now reached a certain level of maturity and others are starting to gain ground
  • Asset management and wealth was the biggest FinTech growth area in 2015
  • Blockchain got the most attention in 2015, but it is yet to drive significant change in the industry
  • Corporates are struggling to partner with FinTech startups

There are many opportunities and challenges that FinTech will face:

  • Challenger banks – the beginning of a change to retail banking
  • The growth phase for Investment Management
  • Insurtech
  • Blockchain

What makes London the FinTech capital of Europe?

London has gained a reputation as the FinTech capital of Europe. This is because more and more startups from all over the world set up in London, and recent figures reveal that investment in financial technology in the UK’s capital is growing faster than anywhere else in the world, and accounts for more than half of European investment in this sector.

  1. Clusters

Position yourself at the heart of a leading global financial centre and booming tech industry to form innovative partnerships across sectors. Develop new ideas with the capital’s 40,000 financial services companies, cutting-edge tech start-ups and some of the world’s biggest banks.

  1. World-class talent

Access talent from a pool of 44,000 employees working in London’s FintTech sector and 155,600 digital tech professionals. London is now the world’s largest centre for financial technology, with more workers in FinTech than either New York City or San Francisco-Silicon Valley.

  1. Investment

More than half of all FinTech investment in Europe is channelled into London. The capital’s FinTech startups have attracted millions of investment. Major new tech funds setting up in London from around the world include Santander (£60m), Index Ventures (£328), Google Ventures (£76m).

  1. Digital connectivity

In London, super-fast broadband and transport networks guarantee you world-class connectivity and access to customers. The UK has one of the highest levels of internet and mobile phone coverage, has the highest e-commerce spend in Europe and is a leader in online access to financial services.

Innovation Norway TEA Accelerator programme in the finance district of London

We have run the TEA technology accelerator for over three years now, a growth programme targeting Norwegian technology executives looking to scale their operations globally. Our accelerator is held at Level39, Europe’s largest technology accelerator for businesses in the finance, retail, cyber-security and future cities technologies sector and provides high-growth companies with the necessary skills to grow at a fast pace.

Our Accelerator at L39 is in a brilliant location surrounded by banks and HQs, the space puts entrepreneurs in the same space as some of the world’s most influential technology investors, industry experts and organisations, accelerating their traction and access to markets.

Get in touch with us if you want to find out more, or if you need assistance in expanding your business to the UK.

Hilde.hukkelberg@innovationnorway.no 

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