The UK is in third place globally for fintech start-up investment, reports Innovate Finance, showing no sign of a slowdown in the sector in the wake of Brexit.
$500 million was invested in UK start-ups in the first quarter of 2017, a 37 percent rise on the same period last year. However, it is a slight fall from the $676 million invested in the first quarter of 2015.
The figure puts UK in the world for fintech start-up investment, after the USA and China. The US had $3.3 billion invested in fintech start-ups in the first half of the year, with China attracting $1 billion – an 86 percent decrease on the year before.
SoFi, the online personal finance company based in the United States, raised the largest round globally at $453 million, and the most active global investors were 500 Startups, Startupbootcamp and Y Combinator with 17 investments each.
The figures come just after it was announced that Niklas Zennströmbillionaire, the billionaire co-founder of Skype, will invest £2 million in a seed stage funding round of British startup Cleo, alongside Robin and Saul Klein’s LocalGlobe. Cleo’s Facebook Messenger bot connects with bank accounts and credit cards, offering an easier-to-use alternative to the traditional banking apps.