Investment in fintech businesses tripled to $12.2bn in 2014
UK has the largest share of European fintech funding with 136% growth ovetr the last year, according to Accenture research
Investment in the world’s financial technology (fintech) companies tripled to $12.2bn in 2014 with Europe growing at the fastest rate compared to anywhere else, new research from Accenture has found.
According to the findings, investment in Europe’s fintech sector grew 215% last year to $148bn with the UK accounting for the largest share of fintech investment in the region – growing 136% to $623m.
The report also indicated that fintech investments have actually risen at three times the pace of venture capital (VC) investments in 2014.
Discussing the findings, Accenture managing director, Julian Skan, said:”The massive investment in fintech shows that the digital revolution is well advanced in financial services, and it is both a threat and an opportunity for banks.
“Fintech is empowering new competitors and start-ups to move into parts of the banking business but, paradoxically, it is also helping banks to create better, more convenient products and services for their clients.”