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UK fintech investment reaches new high

fintech
(Image credit: Flickr / <a href="https://CafeCredit.com">CafeCredit.com</a> )

The UK’s fintech industry continues to break records, with the first half of 2021 attracting $24.5 billion in investments, according to global payments processor firm Global Processing Services (GPS).

Of all the raised capital in the UK, most of the high-profile investments went to homegrown challenger banks. Revolut raised $800 million, while Starling Bank generated $376. Paysafe completed a $9 billion dollar merger with Foley Trasimene Acquisition Corp II, while Visa acquired cross-border payments specialist Currencycloud for $970 million acquisition. 

“Following a turbulent 2020 for the world, these figures are a resoundingly positive sign of the resilience and huge opportunity in the global fintech industry, with notable investor appetite pointing to exciting, continued evolution for the sector,” commented Joanne Dewar, Chief Executive Officer at GPS. 

GPS added that the second half of the year also shows promise, with July already proving to have been a successful month thanks to deals from Soldo ($180 million) and Zilch ($110 million). 

Although the figures differ, a recent report by City AM confirms that the UK’s fintech sector is having a record-breaking 2021. As the publication reported in July, the sector has raised $5.7 billion in the first half of the year, more than in the whole of 2020.