London remains global FinTech powerhouse
London remains the powerhouse of global FinTech, despite concerns over Brexit and the upcoming UK elections. Some 31 London-based FinTech firms are featured in the annual Fintech50 report, which lists the best startups in the space as decided by industry leaders including Microsoft and Samsung. The number has increased from 29 in 2016 and the list includes seven more London-based startups than it did in 2015.
The list is crowded with startups from the English capital. Challenger banks Monzo and Atom Bank make their debut on the list, while blockchain startup SETL and money management app Curve are also featured in the report, alongside Digital Shadows, MarketInvoice, Azimo, Clearscore and Featurespace.
London-based startups also featured in the top 10 FinTechs to watch out for in the future, including Bud, ClearBank, Cleo, Datasine, Post Quantum and 10xBanking, while 10 others entered the Fintech50 Hall of Fame, including Transferwise, Zopa, Funding Circle and WorldRemit.
"FinTechs working with banks is a powerful trend, but there is also a new generation of innovators going direct to the consumer in areas such as insurance and financial management," said Fintech50 founder Julie Lake.
"Noticeably this year, we saw an emerging evangelism for challenger brands from a very important source: their customers. They may not have (anywhere near) the customer volume of traditional providers, but they are winning hearts and minds in a style more often associated with consumer goods."
FinTech continues to grow in the UK despite Brexit fears and political uncertainty. Barclays recently launched Europe's largest FinTech accelerator in Shoreditch, London and the government has signed FinTech agreements with a number of other nations. The country's first university-level FinTech course has also been established.