By
Godfrey Benjamin
April 18th, 2024
A recent study shows that London has become the European leader in Fintech unicorn startups with one unicorn startup created every month for the past year. This puts the U.K. behind USA and China as the third best country in the world for unicorns.
This news comes ahead of London Tech week, which is happening this week from June 10 – June 14. London Tech Week is an annual event which brings together entrepreneurs from all around the world to discuss the future and today of the ever-developing technology. They call it the world hub for tech and innovation.
Currently, the UK has 72 unicorn companies in total, and that puts Britain in the well-deserved third spot as the best ground for fintech startups. Additionally, London has 45 unicorn companies (private companiy which is valued at over $1 billion) which are the biggest number in Europe cities. The closest rival is Berlin with 10 companies, and Paris and Stockholm with 9.
London Has More FinTech Startups than San Francisco
Currently, 18 out of 45 unicorn companies in London are FinTech firms while San Francisco has 15. This comes as a game-changer as San Francisco has been the FinTech start-up world hub for years. However, the San Francisco Bay area has 31 more companies with a unicorn status. But if we compare the statistics in such manner, Britain also has at least 2 such companies in Oxford, Manchester, Cambridge, Leeds, and Edinburgh as well.
Moreover, the London FinTech startups include such companies as Revolut, Monzo, Metro Bank, MoneySuperMarket, and Funding Circle.
Also, an interesting fact is that London has about 75 more upcoming companies that are “on the path to unicorn status”, says the research.
“Since 2012 the UK has produced as many unicorns as Israel, Germany, the Netherlands and Sweden combined,” the research adds.
The UK Also a Leader on Venture Capital Investments
It appears that the United Kingdom is a European leader on venture capital investments as well. They have a record $5 billion expected in the first half of 2019 alone. As part of the London Tech Week, the UK Prime minister, Theresa May will announce more than $1,2 billion of fresh investment from 13 tech companies. VMware, a software virtualization company which provides cloud computing and platform virtualization, will lead the charge with an investment of over $1 billion in the next five years.
While it seems like the UK is on a very strict path to digitalization, with loads of success, they still stay humble in regards to resting on their laurels. They are always calling for improvements in digital skills across all age groups. They are always hiring more young staff and particularly women into the digital economy.
“The UK continues to be at the forefront of digital transformation. At Microsoft, our work with start-ups and scale-ups confirms that the potential of the UK tech sector is growing daily,” said Cindy Rose, the chief executive of Microsoft UK.