UK’s fintech firms punching above weight in global market

UK home to more billion dollar fintech firms than any other European country and is beaten by only the US and China globally

The UK is leading the way in Europe for companies valued at more than $1bn and is beaten only by the US and China globally, according to GP Bullhound’s Fintech: Anything but alternative report

The UK is home to three billion dollar companies: Startups 100-listed peer-to-peer lender Funding Circle ($1bn), which raised £80m the week after closing a £40m round from the UK government earlier this year; payments company Paysafe and Startups 100-featured international transfer platform Transferwise.

Cumulatively, these companies are worth $18.5bn – and while this lags someway behind the 18 companies in the US worth a total $50.6bn, it is significantly higher than Australia ($2.4bn), Sweden ($2.3bn) and the Netherlands ($2.3bn).

The report also identifies a number of UK firms it speculates could achieve a billion dollar valuation in the coming months or years including Startups 100-featured companies peer-to-peer LendInvest,  credit platform Prodigy Finance, money transfer service WorldRemit and mobile-only bank Atom.

Claudio Alvarez, director at GP Bullhound, commented: “This research shows that fintech has consolidated its position as an influential force in the global financial services industry. It has attracted substantial investment, created significant efficiencies for incumbent institutions, and redefined consumers’ experiences of financial services.”

Carl Wessberg, director at GP Bullhound, added: “We set out with this research to highlight the entrepreneurs, verticals, and markets that are driving the growth of fintech. It has demonstrated that the industry has matured and scaled to such an extent as to become embedded in the foundations of the financial services sector.”

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