UK paytech sector catching up with US as per latest EPA report findings.
The UK’s financial technology landscape including its payment technology (paytech) sub-sector is catching up with its US counterpart, as per the latest research from Emerging Payments Association (EPA), a leading payments organization founded in 2004 and with over 80 members, whose latest report was sponsored by Bancorp and carried out by Accourt and published in early May.
Details of the report were gathered after the researchers analyzed the investment lifecycles of over a hundred paytech companies that were founded in key Western markets including the US, the UK, France, Spain, Italy and Germany between the years 2010 and 2015. The report found that UK and US companies dominate the market, with 90% of startups originating from these places, and that the UK has been stepping up its share over the analyzed five-year span.
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UK stepping up
While the US leads the pack, the UK has been closing in after more than doubling from 13% in 2010 to represent 28% of startups as of 2015, whereas the percentage in the US in 2010 was 58% and only grew to 61% over the same period.
The report was titled ‘Investments in PayTech’ and also noted that the average round for a UK paytech firm was $1.8 million in seed funding during 2015, also more than double the $840,000 level from five years earlier, and the report noted that this figure is also on par with the seed funding average for US paytech firms.
Speaking with Matt Harris of Bain Capital Ventures, whose related firms have venture capital and private equity in some of the largest payments businesses in Europe, as well as numerous related companies in the US, he commented in response to questions by Finance Magnates regarding the report: “I view this research as very good news for the UK Fintech scene, and not surprising. We are seeing truly innovative companies, in a friendly regulatory environment and in a country with a truly global perspective - a compelling combination.”
Acquirers less certain
“It’s gratifying to see the UK PayTech sector punching well above its weight – not only creating new ideas that become new companies, but also creating businesses that thrive beyond the start-up phase to challenge the bigger players,” said Tony Craddock, Director General of the EPA, commenting in the report press release.
Mr. Craddock added: “While investors have recognised the potential in UK PayTech for some time now, it seems that prospective acquirers are less certain. PayTech companies and the broader payment industry needs to do a better job at showcasing the scale and scope of success in the UK.”
The report followed barely a week after the EPA released another finding that showed that nearly a third of UK fintech firms may wish to leave the UK as uncertainties have arisen over a potential Brexit as the UK vote is slated to be held in less than two months from now on June 23rd 2016.
In similar news, UK-based moneycorp announced a partnership yesterday with US-based Tempus Inc, to offer a combined forex payments solution in the US. "The next five years will see a growth of global mobility in people and funds," added David Carrithers, Consumer General Manager at moneycorp Powered By Tempus, commenting in the press release regarding the synergy. "The old model of a local in-country bank as a consumer's only point of support on currency conversion and payment has shifted."
A table from within the EPA's latest report showed the shift over the five-year period analyzed, as can be seen below excerpted from the white paper:
The UK’s financial technology landscape including its payment technology (paytech) sub-sector is catching up with its US counterpart, as per the latest research from Emerging Payments Association (EPA), a leading payments organization founded in 2004 and with over 80 members, whose latest report was sponsored by Bancorp and carried out by Accourt and published in early May.
Details of the report were gathered after the researchers analyzed the investment lifecycles of over a hundred paytech companies that were founded in key Western markets including the US, the UK, France, Spain, Italy and Germany between the years 2010 and 2015. The report found that UK and US companies dominate the market, with 90% of startups originating from these places, and that the UK has been stepping up its share over the analyzed five-year span.
The new world of online trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
UK stepping up
While the US leads the pack, the UK has been closing in after more than doubling from 13% in 2010 to represent 28% of startups as of 2015, whereas the percentage in the US in 2010 was 58% and only grew to 61% over the same period.
The report was titled ‘Investments in PayTech’ and also noted that the average round for a UK paytech firm was $1.8 million in seed funding during 2015, also more than double the $840,000 level from five years earlier, and the report noted that this figure is also on par with the seed funding average for US paytech firms.
Speaking with Matt Harris of Bain Capital Ventures, whose related firms have venture capital and private equity in some of the largest payments businesses in Europe, as well as numerous related companies in the US, he commented in response to questions by Finance Magnates regarding the report: “I view this research as very good news for the UK Fintech scene, and not surprising. We are seeing truly innovative companies, in a friendly regulatory environment and in a country with a truly global perspective - a compelling combination.”
Acquirers less certain
“It’s gratifying to see the UK PayTech sector punching well above its weight – not only creating new ideas that become new companies, but also creating businesses that thrive beyond the start-up phase to challenge the bigger players,” said Tony Craddock, Director General of the EPA, commenting in the report press release.
Mr. Craddock added: “While investors have recognised the potential in UK PayTech for some time now, it seems that prospective acquirers are less certain. PayTech companies and the broader payment industry needs to do a better job at showcasing the scale and scope of success in the UK.”
The report followed barely a week after the EPA released another finding that showed that nearly a third of UK fintech firms may wish to leave the UK as uncertainties have arisen over a potential Brexit as the UK vote is slated to be held in less than two months from now on June 23rd 2016.
In similar news, UK-based moneycorp announced a partnership yesterday with US-based Tempus Inc, to offer a combined forex payments solution in the US. "The next five years will see a growth of global mobility in people and funds," added David Carrithers, Consumer General Manager at moneycorp Powered By Tempus, commenting in the press release regarding the synergy. "The old model of a local in-country bank as a consumer's only point of support on currency conversion and payment has shifted."
A table from within the EPA's latest report showed the shift over the five-year period analyzed, as can be seen below excerpted from the white paper:
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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