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.

The established banking and finance world is subject to extensive regulation, but as a young industry, the rules around FinTech are harder to navigate.

American consumers are becoming increasingly comfortable carrying out basic banking transactions on their mobile, according to a Federal Reserve Board report released on Thursday.

Payments giant Visa is to extend its investment in the Middle East by building a brand new innovation centre in Dubai, its regional HQ.

Mobile payment platform Dream Payments has raised $6 million in funding from Canadian early stage FinTech venture capital and private equity firms.

The Co-operative Bank will close another 57 branches in 2015, and expects to see further job losses as customers migrate to mobile and digital banking.