UK fintech investment increased by 18% to $3.3 billion in 2018, retaining the country's top three profile for deal-making behind the US and China.
The figures from Innovate Finance reveal that growth private equity investment increased 57% to $1.6 billion, while venture capital dipped slightly to $1.7 billion, reflecting Brexit uncertainty and a maturing market.
The $3.3 billion spend was spread across 2,304 deals, with challenger banks taking the lion’s share of VC investment at 27% of the total, followed by personal finance and wealth management.
Despite the laudable deal volume, the UK fintech sector still has its work cut out to improve gender diversity. Just six percent of deals had a female founder, representing only three percent of the total capital invested in 2018.