FinTech investment triples to $12.2bn with Europe experiencing biggest growth
Investment in the flourishing global FinTech sector tripled to a staggering $12.2bn (£8.2bn) last year and grew at more than triple the rate of overall VC investment.
Europe's share of investor cash grew at the fastest rate compared to anywhere else in the world as the region cements its reputation as an area for producing successful startups in the financial technology space.
Financial technology venture investment in Europe grew by 215 per cent last year to $148bn, according to research by Accenture.
In the UK, increasingly a hub for European FinTech with London at its centre, FinTech investments grew 136 per cent, hitting $623m and accounting for the largest share of investment in the region.
Over in Silicon Valley, which London is increasingly rivalling when it comes to FinTech, investments grew 117 per cent totalling more than $2bn.
"The massive investment in FinTech shows that the digital revolution is well advanced in financial services, and it is both a threat and an opportunity for banks," said Julian Skan, Accenture's managing director who oversees its FinTech Innovation Lab in London.
"FinTech is empowering new competitors and startups to move into parts of the banking business but, paradoxically, it is also helping banks to create better, more convenient products and services for their clients. It is also leading to increased cooperation between traditional banks and innovative start-ups and technology businesses in a way that can result in totally new business models and revenue streams."