London trails only San Francisco in fintech race
Pandemic or not, investors are continuing to pump money into global fintech companies, according to the latest survey data.
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US investors are continuing to constitute major players in the UK fintech scene. Of the $3.6 billion invested into London fintechs so far this year, $2.2bn came from 50 funding rounds including at least one US investor, accounting for 61 per cent of total fintech investment - a 32 per cent increase on 2019 when $1.6 billion of the $5.1 billion investment into London fintechs included a US investor.American fintech firm Plaid recently opened a London office in Shoreditch, opting for the UK capital as their first new home outside of the US and Canada.Keith Grose, head of international at Plaid, said: “When we were looking to expand outside of North America, the UK was an obvious choice."We opened our first international office in London’s Shoreditch as we knew there was a thriving and supportive ecosystem in the UK capital, home to like-minded fintechs. As a fintech company based in London you have access to investors, clients, world-class talent and savvy customers all in one city, making it a unique place to be.”Additionally, the world’s largest eCommerce investor, Canada’s Clearbanc, last week launched in the UK and committed to investing £500 million in UK-based eCommerce businesses. The move represented Clearbanc's first expansion outside of North America.
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