Fintech/News/ Brexit schmexit: UK saw record fintech investment last year, trumping China and India On the eve of Brexit-day, UK fintechs are prepped for battle after a record year of investment, making up over 50% of European capital flows in the space. By Isabel Woodford 30 January 2020 London London \Fintech Which European banking app is winning the race for customers? By Amy O'Brien 21 February 2023 Fintech/News/ Brexit schmexit: UK saw record fintech investment last year, trumping China and India On the eve of Brexit-day, UK fintechs are prepped for battle after a record year of investment, making up over 50% of European capital flows in the space. By Isabel Woodford 30 January 2020 The UK has set a new record for investment into financial technology startups, drawing in over $4.9bn last year and putting it at the top of the European leaderboard in spite of uncertainty over the UK leaving the European Union on Friday. Overall, European fintechs raised $8.5bn, meaning the UK contributed to over half of all the continent’s investment in the space, according to new research by Innovate Finance. Indeed, seven of the 10 biggest European fintech raises last year were by British companies. That puts the UK in second place for investment globally behind the US (which raised $16.3bn in 2019) and ahead of India and China, which saw a 93% decrease in funding since 2018. The UK meanwhile saw a 38% boost in fintech investments since last year. Its closest European peer was Germany, which raked in $1.3bn, followed by Sweden with $778m. The global scene Nonetheless, fintech investment in Europe slowed in the second half of 2019. European fintechs brought in $3.4bn in last six months of the year versus the $5.1bn in the first six months. As a continent, Europe also still lags behind North America. The US and Canada made up 49% of the total $35.7bn invested globally in fintech last year, while Europe made up 24% of that figure. Sources: Dealroom and Innovate Finance 2020 is also set to be another big year of funding for Europe, with UK digital banks Monzo and Revolut both rumoured to be raising large rounds to the tune of £100m. Moreover, while fintech has been Europe’s standout sector by way of venture capital funding, overall funding for startups on the continent was at its highest ever in 2019 too. Related Articles 10 European fintechs with the biggest raises this year By Kim Darrah Click here to read more Europe is beating the US in fintech innovation, says Revolut’s Nikolay Storonsky By Michael Stothard Click here to read more Sifted’s choice: The nine rising UK fintech apps to watch By Isabel Woodford Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?