London threatening San Francisco’s fintech unicorn dominance, research says

London could soon overtake San Francisco as the fintech (financial technology) unicorn capital of the world, according to a new study.

Of the world’s 29 fintech unicorns – private companies valued at more than $1 billion – nine are based in San Francisco, while seven are headquartered in London, the research published Tuesday said.

The report, by London-based recruitment firm Robert Walters and research group Vacancy Soft, said London was “showing signs of potential to threaten San Francisco’s historic dominance of the market.”

It noted that London’s fintech sector received more venture capital (VC) funding than any other EU city in 2018, securing 39% of all European fintech funding. Berlin’s fintech sector lagged behind slightly, securing 21% of the cash, while Paris came in third with 18% of the overall funding.

According to Innovate Finance, the U.K. is a world leader when it comes to securing VC investment in fintech, ranking third globally behind China and the United States. Global VC investment in fintech last year reached a record $36.6 billion, Innovate Finance’s data shows, which was secured across 2,304 deals – a 148% year-on-year increase.

London’s top fintech unicorns include Revolut, TransferWise, and OakNorth.

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Source: London threatening San Francisco’s fintech unicorn dominance, research says