London & Partners has published data of total venture funding in the UK and London for the first half of 2015. During the first six months of the year, $1.469 billion in investments went towards UK companies in a total of 227 deals. Of that, 80% or $1.182 billion was investment in London-based firms in 158 separate deals.
Topping the list in London was the fintech sector. Headed by payment and P2P lending startups such as Azimo, Transferwise, CurrencyCloud and Funding Circle, fintech firms accounted for 40% of the venture investments in London firms, for a total of $472 million. Of the deals, the largest was Funding Circle’s $150 million in funding which they secured in April.
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London is now producing tech companies of genuine scale which are drawing serious money into the sector – Gordon Innes
The official promotional company for London, London & Partners assists the city in building its international regulation to attract visitors and investments. Commenting on the report, Gordon Innes, CEO London & Partners, stated, “London is rapidly becoming the most exciting city in the world for tech. Innovative entrepreneurs across the capital continue to produce exciting new companies which are attracting the eye of the world’s investment community. But five years after the tech city initiative was launched, London is now producing tech companies of genuine scale which are drawing serious money into the sector. It’s no wonder that tech is now such an important part of London’s economy.”
In terms of financial technology, the fintech sector has benefitted from government and London City initiatives such as accommodating regulation and incentives for startups. Among them include the Innovate Finance group which was created with backing from the City of London Corporation to connect fintech startups, large banks and regulators.