The UK and Ireland accounted for more than 42 per cent of European FinTech investment in 2014, boosting Europe’s position as the fastest growing region in the world for investment in financial technology.
According to research by management consulting and technology services provider Accenture, FinTech investment in the UK and Ireland rose from $264 million in 2013 to $623 million in 2014.
Global investment in financial technology ventures tripled from $4.05 billion in 2013 to $12.2 billion in 2014, increasing at more than three times the rate of overall venture capital investment.
While the United States still captures the lion’s share of FinTech investment, Europe experienced the highest growth rate, with an increase of 215 percent to $1.48 billion in 2014. The Nordic countries saw investment of $345 million, the Netherlands $306 million, and Germany $82 million.
“The massive investment in fintech shows that the digital revolution is well advanced in financial services, and it is both a threat and an opportunity for banks,” said Julian Skan, Accenture managing director overseeing the FinTech Innovation Lab London.
“Fintech is empowering new competitors and start-ups to move into parts of the banking business but, paradoxically, it is also helping banks to create better, more convenient products and services for their clients,” she added. “It is also leading to increased cooperation between traditional banks and innovative start-ups and technology businesses in a way that can result in totally new business models and revenue streams.”
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