UK fintech companies received $9.1 billion in funding in the first half of 2022, the second largest globally after US companies raised $25 billion. Data compiled by industry body Innovate Finance shows that global fintech investment reached $59 billion in the year’s first half.
The report shows that UK fintech is bucking the global trend of slowing investment. While global growth remained flat, the UK saw a 24% year-on-year increase. It comes after a record year for UK fintech in 2021, when investment totaled $11.6 billion.
“It is critical that we maintain this momentum now. The UK currently receives more investment in fintech than all of Europe, second only to the US in the world,” said Janine Hirt, CEO of Innovate Finance.
The top five deals totaled $5 billion (£4.1 billion). It included $1.4 billion for London-based fintech FNZ and $1 billion (£730 million) for payments company Checkout.com. Following in the UK’s footsteps, India-based fintechs raised $3.9 billion, Germany-based companies secured $2.4 billion, and France $2.3 billion.
Hirt added: “We need to continue to work together – industry, government and regulators – to build on this leadership and ensure the UK remains the best place in the world to start, build and scale a FinTech business.”