London is “most exciting city in the world for tech”

The UK’s FinTech companies are driving record-breaking VC investments in the country’s digital scene, with London being labelled one of the “most exciting” cities in the world for tech.

Over the last six months VC investment in London has been driven by the city’s thriving FinTech sector, with firms like Funding Circle, Azimo, WorldRemit and Currency Cloud raising $472m – equivalent to 40% of the total amount raised in London.

UK-based FinTech companies raised $1.5bn in VC funding in the first half of the year.

According to figures from London & Partners, the Mayor’s promotional company for London, the capital is leading the way in terms of VC investment by securing more than 80% of the total funding and 70% of all deals.

“London is rapidly becoming the most exciting city in the world for tech. Innovative entrepreneurs across the capital continue to produce exciting new companies which are attracting the eye of the world’s investment community,” said Gordon Innes, CEO London & Partners.

“[Five] years after the tech city initiative was launched, London is now producing tech companies of genuine scale which are drawing serious money into the sector. It’s no wonder that tech is now such an important part of London’s economy,” continued Innes.

The record-setting amounts of money being invested highlight just how quickly and powerfully the FinTech industry is expanding. London’s digital technology sector has grown by 46% since the launch of the Tech City programme.