London has strengthened its position as the global center for fintech companies. Due to its ever-increasing technology society, it is expected to remain the same for several years.
FREMONT, CA: Across Europe, the UK is currently the top destination for fintech ventures. The capital boasts over a thousand fintech headquarters, including TransferWise, Checkout.com, Oak North, Funding Circle and Finastra. London is the center of disruptive financial reforms, backed by regional tech centers such as Manchester, Belfast, Cambridge and Edinburgh. Some may notice that San Francisco, Singapore or Zurich have revised London’s fintech sector. But these intense competitors are lagging behind in direct investment, healthy environment and financial services chronicle. The pandemic has created unrest worldwide, but presented a window of opportunity for fintech companies.
The resilience of London’s technological scene is indisputable. Born under the harsh conditions of the financial crisis, it has undergone several changes, and Brexit will not stop this. The industry brought in over 9 billion. Pound in 2019 against 5.2 billion. Pound after the referendum. While the difficulties continue to increase, the rapidly evolving sector is not slowing down and coronavirus will not be the difference. The recent economic outbreak also has the foresight of an accelerated closure of cash and bank branches. Social trends have changed unprecedentedly, pointing to the final loss of cash. Lockdowns and social distancing have inevitable consequences for consumer inclinations. As the UK government actively promotes online retail, e-commerce will soon account for 40% of all sales.
London’s tech ecosystem has overcome many difficulties in strengthening its global position, and for rapidly evolving fintechs, it’s practically heaven. The existing challenges may prevent early-stage companies that depend on capital investment, but they also provide a valuable digital and technical opportunity. Digital finance services will grow more mainstream, making the industry more critical. In revolt against opponents, London’s position as a fintech center remains rock solid and will undoubtedly endure to be so.