Europe now has 40 unicorns, with the UK contributing 17, eight of which were founded in the last 12 months largely due to the explosive growth of London's fintech sector.
London's fintech sector accounted for almost one-third of Europe's unicorns. Fintech, where businesses use software to provide financial services, has experienced exponential rates of growth over the past few years. Between 2013 and 2014, the value of global fintech investment rocketed by 201% to reach more than $12bn (€10.6bn). Europe had the highest level of growth with a 215% year-on-year increase.