London continues to be the most ‘investable’ city in Europe for venture capitalists – and Brexit shows no sign of slowing this down – claims new report from global recruiter Robert Walters and market intelligence firm Vacancy Soft.
In fact, in 2018 London attracted almost double the amount of venture capital funding (39%) for the fintech sector when compared with any other European city – Berlin (21%), Paris (18%), Stockholm (5%), Barcelona (4%), Amsterdam (4%), Zurich (3%), Copenhagen (2%) and Dublin (2%).
Chris Hickey, CEO at Robert Walters said:
“This boost to the fintech market resulted in a 61% increase in in job creation in London and an 18% increase in jobs outside of London in 2018 – making it the fastest growing sector in the UK.
“Whilst Brexit has no doubt been a concern and slowed down hiring levels somewhat within financial services, the fact that the UK has one of the best IT and banking talent pools in the world continues to be a big draw for investors.”
The growth of the fintech sector has been so explosive that London now has the second largest concentration of fintech start-ups. Of the 29 fintech unicorns* worldwide (*companies worth more than $1 billion), nine are in San Francisco, while seven are housed in the UK.
In fact, the UK’s fintech ‘unicorns’ had a combined revenue growth of 130% in the last 12 months – in monetary terms this was an increase from £77.1m to £177.6m revenue.
Chris Hickey adds:
“This is a positive story for the UK economy, and job creation across the board within the fintech sector has grown significantly.
“In fact, between 2017-18 job creation within fintech increased by 100% in HR, accounting, and business support roles, by 74% for IT positions, 48% in banking-specific roles, 40% in legal, and 16% in both insurance and sales.”
Download the report here.