London is the European hotspot for venture capitalists when it comes to fintech

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.

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