London remains the top European city for venture capital investment in financial technology firms, according to data released by Mayor Sadiq Khan’s promotional agency.
Investors have poured more than $1 billion into fintech companies across the U.K., including those in London, since the beginning of the year, London & Partners said Thursday.
Fintech firms in the capital raised the overwhelming majority of cash — more than $980 million — and accounted for 90 percent of all fintech investments in the U.K. as a whole.
“The fact that we have seen over £1 billion worth of venture capital investment into London fintech companies since the EU referendum vote offers further proof that global investors still believe London will remain a leading fintech hub for many years to come,” Rajesh Agrawal, London’s deputy mayor for business, said in a statement Thursday.
London & Partners said that 2017 was likely to be a record year for investment in the capital’s fintech sector.
But the British-Indian entrepreneur admitted the capital faced a challenge from the U.K.’s decision to leave the European Union in July 2016.