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.”
Whitepapers
Related reading
2020 hailed “year of contactless” by payments study
By Richard Young The coronavirus crisis has caused a surge in mobile and contactless payments, driving consumers to make fewer but larger ... read more
Redefining remittances: Fintechs during coronavirus
By Daumantas Dvilinskas, CEO and co-founder, TransferGo According to new projections by the World Bank, remittances are set to decline by as ... read more
Crypto’s safe-haven status wavers amidst market crash
Perceptions that cryptocurrency performs autonomously from other markets is being questioned as bitcoin crashed by 50 percent on March 12. Market participants ... read more
COVID-19: our action plan
Dear reader, As the coronavirus pandemic spreads, we continue to hear and read unsettling stories from around the globe. At Payment Eye, ... read more