Investors are continuing to pump money into London’s fintech companies despite the pandemic, according to the latest data from the capital's mayor's office and Deadlroom.
As coronavirus drives accelerated adoption of fintech products and services, London’s fintech sector has attracted $3.6bn in VC investment between January and September 2020. This puts London in second place globally, behind San Francisco with $5.1bn and ahead of New York’s $2.2bn.
The numbers are still down on 2019 figures, but are comfortably running ahead of the 2018 VC investment total of $2.3bn.
The UK capital takes the top spot for deal count with 169 deals so far this year. San Francisco follows with 107 deals and Paris comes in second in Europe, with 40 deals.
Laura Citron, CEO, London & Partners says: “World-leading fintech scaleups were born in London out of the 2008 financial crisis and today London’s fintech companies are innovating to respond to changing demands caused by the pandemic.”