London Named as Top City for Fintech Businesses
Three quarters of businesses in financial technology say London is better in terms of infrastructure, access to talent and geographical position
The majority (75.6%) of financial technology (fintech) companies believe London is the best place to launch and grow a financial company followed by Edinburgh (37%) and Manchester (26%), according to a recent survey by communications group Seven Hills.
London beat infamous business hubs like San Francisco and New York in terms of financial services (81%), access to talent (72%) and geographical position (68%).
Respondents of the survey also highlighted key sectors that would grow within the fintech industry with 39% considering mobile payment to be the fastest growing sector, shadowed by peer-to-peer lending at 26%.
The survey was released by Seven Hills at FINTECH 2015, which they organised in association with Tech London Advocates and Level39 in order to bring together businesses, investors and fintech experts interested in this growing UK industry, which is estimated at £20bn annually..
Seven Hills co-founder, Nick Giles, commented on the research;
“It has become clear that fintech is a sector where London and the UK can not only thrive, but genuinely lead the world.
“We have the talent pool, the infrastructure and the investment base to scale global fintech businesses. Last year, the opportunity around fintech became very clear and we are bringing together some of the industry’s leading players to map out how momentum can be sustained in 2015.”