Brussels, you’ve been defeated! After Brexit, London remains the world’s most important fintech centre outside of the United States.
You’ve been vanquished, Brussels! Outside of the United States, London remains the most prominent fintech center in the world after Brexit.
BREXIT BRITAIN has defied the European Union’s doomsday predictions, according to a new study that finds London to be the most active fintech city outside of the United States, beating out Amsterdam, Berlin, and Paris.
Findexable’s 2021 Global Fintech Rankings also highlighted that the fintech market outside of London and across the United Kingdom is quickly growing. This demonstrates that Brexit and the current Covid epidemic have had no impact on London’s startup scene, with the city’s fintech business being driven by the growing “challenger bank” sector.
Based on data from Findexable’s own records, the recently released Index, which was first presented in 2019, evaluates the fintech ecosystems of over 264 cities in 83 countries.
Data was also produced and confirmed by the industry’s Global Partnership Network, which includes more than 60 fintech groups from around the world.
Despite significant progress since last year’s Index, EU countries have been unable to dethrone London in the rankings.
Berlin has risen three places to sixth place, while Stockholm has risen 21 places to fourteenth place, and Moscow and Zurich have both risen 12 places to 18th and 26th place, respectively.
Hamburg improved 13 spots to 30th, but Paris dropped 21 spots to 36th, giving a major setback to the Brussels commercial bloc.
However, the latest Index shows that a number of UK areas outside of London have made significant gains, suggesting that the country continues to defy grim post-Brexit expectations.
Two UK cities have made it into the top 50 according to the most current rankings.
Manchester has moved up 19 places to 34th, while Cambridge has moved up 55 places to 38th, putting it in the top 40 for the first time.
According to the report’s authors, fintech growth is projected in significant cities like Manchester and Birmingham, as well as in areas around London like Cambridge and Brighton.
Birmingham is currently ranked 123rd, with Cardiff coming in second at 127th and Newcastle-upon-Tyne coming in third at 155th.
“The UK is still a major player in fintech, but unlike the rest of the finance sector, it is moving away from being primarily located in London,” said Simon Hardie, founder and CEO of Findexable.
“We’re seeing how much money goes into making something.” Brinkwire Summary News.”