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Thank you to @donalsmith who alerted us this morning to an interesting report that Accenture published today in the UK. The report points out that Investment in financial tech companies in the U.K. and Ireland grew at twice the rate of investment in similar Silicon Valley companies.
Whilst I am a proud Brit based in NYC, the bigger story for me was that global investment in financial-technology ventures has more than tripled from $928 million in 2008 to $2.97 billion in 2013 and, over the past three years, such investment increased at more than four times the rate of overall venture-capital investment! Annoyingly I can't find a link to the report!
The number of fintech investments in the U.K. and Ireland in 2013 rose to 32 deals worth $265 million, up from nine deals worth about $53 million in 2010, according to Accenture. By comparison, Silicon Valley in 2013 saw 77 deals worth about $950 million, up from 40 deals worth about $347 million in 2010. Much of the investment in Europe comes in relatively tiny amounts – $1 million here or there – but a few companies have announced deals in the tens of millions. London-based Powa Technologies, which offers a mobile shopping and payment app, raised $76 million from investors in August 2013. And earlier this month, WorldRemit, a startup that allows customers to send money internationally, announced it had raised $40 million.
http://blogs.wsj.com/digits/2014/03/26/londons-financial-tech-sector-growth-fastest-in-world/
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