INNOVATE FINANCE FINDS BRITAIN SET FOR FINTECH RECORD

Charlotte_New headshot

INNOVATE FINANCE FINDS BRITAIN SET FOR FINTECH RECORD

Innovate Finance announced this week that British fintech is set for its best year yet, with record investment of $2.9 billion (£2.3 billion) already put into the sector in the first half of 2019.

The amount represents the highest intake of investment in a half-year period to date, and is equal to approximately 85 per cent of the sector’s total funding in 2018, and up 45 per cent compared to the same period last year.

This increased investment is despite the number of deals declining by 30 per cent, suggesting focus is now being placed on later-stage rounds of established fintech giants.

The UK has so far scored two of 2019’s three largest fintech funding rounds in the world with Softbank’s $800m investment in supply chain finance lender Greensill, and its $440m round in challenger bank OakNorth.

Fellow challenger banks Monzo and Starling Bank also received high-levels of funding with $147 million and $98 million respectively.

Innovate Finance chief executive Charlotte Crosswell (pictured) said: “It is hugely encouraging to see evidence of [the UK’s] resilience and growth despite the uncertainty and challenging times ahead.”

Seven Hills is delighted to be leading the media campaign for Innovate Finance and deliver its annual Global Summit.

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