London Has Raised More Fintech Investment Than Any Other Global Hub, With Its 2022’s Investment Reaching $3.1B
September 12, 2022 (Investorideas.com Newswire) MoneyTransfers.com reports that London has successfully attracted the most fintech investment, reaching $3.1 billion in 2022.
Jonathan Merry, CEO of MoneyTransfers.com, commented on the report. “The U.K.’s fintech sector is unrivaled in Europe and is continuing to grow at an incredible rate. 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.”
Merry continued, “The U.K. 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.”
Compared to the $3.1 billion raised in London, Bay Area was close behind with $3.0 billion, followed by New York with $1.6 billion. Singapore ($1.2 billion) was fourth, with Bengaluru& ($0.8 billion) and the Greater Boston region ($0.6 billion) completing the top six cities.
How London Maintains the Top Spot
The success of Fintech in Britain came from challenger banks. Challenger banks are digital-only banking apps. They work effectively with cloud-based infrastructure, embedded AI, and agile frameworks. Again, they give users more accessible and faster access to banking services and financial products.
Firms such as Revolut and Starling Bank are household names among their tech-savvy consumer base. The firms have targeted millennials and Gen Z customers who are embracing tech. Many of these clients have eschewed traditional retail banking in favor of these more user-friendly banking apps.
Middle East and Northern Africa Rise in Fintech
Investments in FinTech across the Middle East and North Africa (MENA) have already surpassed $819 million in the first half of 2022. This is almost 14 times more than in 2016.
The demographic makeup of the MENA area presents a significant window of opportunity. More than 60% of the people are under the age of thirty. Besides, the people living in MENA are sophisticated in tech and eager to adopt emerging digital methods. For example, in the United Arab Emirates (UAE), more than half of the population already uses digital wallets. The full story and statistics can be found here: London Has Raised More Fintech Investment Than Any Other Global Hub, With Its 2022’s Investment Reaching $3.1B
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com