‘A force to be reckoned with!’ With massive investments in the City, Britain dominates the EU.
According to a new report, Britain has dominated the EU in FinTech investment, accounting for more than half of the top 20 deals and more total value than the top four EU countries combined.
FinTech refers to new industries that use technology to improve financial services activities.
According to a study conducted by Plaid and the Harris Poll late last year, 79 percent of the population now uses FinTech products in their daily lives.
During the COVID-19 pandemic, the industry exploded, with two-thirds of Britons now managing their finances online through an average of 2.8 products and services.
FinTech products are used by a larger percentage of the population to make payments, invest, and save money.
Budgeting and borrowing products and services are also used by Britons.
The number of deals and the amount of money invested in FinTech companies have recently been made public.
According to a report by pro-Brexit think tank Facts4EU, the UK PLC and the City demonstrated a particular dominance in this field, raising nearly half of all FinTech investment in Europe.
Britain was far ahead of the European Union, and second only to the United States in the world.
According to the most recent data, FinTech companies across Europe raised (dollar)24.3 billion (£17.9 billion) in investment.
The UK’s share of this total was (dollar)11.6 billion (£8.5 billion), accounting for nearly half of the total – 47.7%.
“The UK raised 2.6 times the funding raised in Germany – our closest competitor – and outperformed the top four EU economies combined,” according to the Facts4EU report.
Germany came in second with (dollar)4.4 billion (£3.3 billion) in investment raised, while France came in third with (dollar)2.3 billion (£1.7 billion).
Sweden came in fourth with (dollar)1.7 billion (£1.3 billion), while the Netherlands came in fifth with (dollar)1.6 billion (£1.2 billion).
UK Fintech investment has soared in the first year since the country’s departure from the EU, topping up more mega-deals than the rest of the EU combined.
The UK had 13 of the top 20 FinTech mega-deals in Europe, while Germany came in second with only three.
Mega-deals are those worth more than (dollar)100 million, and the UK accounted for 32 of the world’s total.
This number outnumbers the continent’s total of 31.
The UK’s FinTech performance in 2021 was praised by the government, which praised the growth in.
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