London leading global FinTech industry

London has strengthened its position its position as the world’s leading city in FinTech, according to a survey conducted by one of Europe’s largest FinTech accelerator groups.

The survey was conducted by Startupbootcamp FinTech, an accelerator group that offers FinTech start-ups access to industry expertise during an intensive three month programme. Based in London, its partners include Lloyds Banking Group and MasterCard.

Over 200 start-up owners and entrepreneurs from around the world took part in the survey. The majority of respondents (68 per cent) don’t believe that the FinTech industry is facing a valuation bubble similar to the bubble of the late 1990s.

London is the city of choice for many FinTech entrepreneurs. The UK’s capital has consolidated its position as the world’s leading city in FinTech, with 63 per cent of respondents selecting London compared to 51 per cent that chose the city in 2014.

‘‘The survey reaffirms the dominance of London in FinTech. This is reflected by the threefold increase in FinTech investment in the last year. London continues to combine the perfect conditions for FinTech startups to thrive: early-stage investors, ‘understanding’ regulator and supportive government,’’ commented Nektarios Liolios, co-founder of Startupbootcamp FinTech.

As well as finding out which city is home of FinTech, a number of issues were discussed. The survey looked towards the future, asking respondents which company will be a financial services provider in the next five years.

A large proportion of 2015 respondents answered with Alibaba, the Chinese e-commerce platform, with 34 per cent of the vote (a new option in this year’s poll). Amazon decreased 32 per cent to just 10 per cent in 2015; and Google was also down to 15 per cent from 2014.

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