UK Stays Ahead in fintech for Europe

The United Kingdom maintained its position as the leading fintech nation in Europe and the second-best globally, despite a decrease in global investment in the industry in 2022, according to a report by the UK’s fintech industry body.

The report found that global fintech investment reached $92 billion (£75.6 billion) in 2022, a 30% decrease from the previous year. However, the UK’s fintech industry saw a smaller reduction in investment, with around $12.5 billion (£10.2 billion) invested in the country’s fintech sector, an 8% drop from the record-breaking figures of 2021.

Despite the decrease in investment, the UK remained the top destination for fintech investment in Europe and second globally, behind only the United States. The US led the way in fintech investment, raising $39 billion, while India came in third with $5.5 billion.

A spokesperson for the body attributed the UK’s resilience in the face of economic challenges to the strength and adaptability of the fintech sector. She said UK fintechs are holding the fort in securing great levels of investment in challenging economic times, a testament to the resilience and strength of our sector.

They added that the UK must continue to collaborate with industry, government, and regulators to build on this momentum and maintain its leadership as a global center for fintech. This is particularly important given the role that fintech plays in providing financial support and access to consumers during times of economic crisis.