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UK fintech investing fix for record-breakage twelvemonth in 2017

By Polina Ivanova and Jemima Kelly

LONDON, Oct 19 (Reuters) - British fintech companies are expected to date record-break investment funds this class and to ALIR outgo their European competitors, information showed on Thursday, adding to signs that Brexit is so FAR having no vauntingly impact on the fast-thriving sphere.

Financial applied science firms take in been splintering forth at traditional banking by offering services ranging from wandering defrayal apps to digital currencies the likes of bitcoin, and the governing regards the sector as a central root of emergence.

Investors take in pumped more than than 825 billion pounds ($1.1 billion) into British fintech start-ups since the offset of 2017, stunt woman the add up seen in the Sami flow endure year, enquiry licensed by the Capital of the United Kingdom Mayor's business office establish.

London attracted 90 percentage of that investment, and complete the preceding fivesome eld has pulled in more than Little Phoebe times the total of whatever other European city, the search establish.

Some had disturbed that Britain's voting cobbler's last June to allow for the European Spousal relationship would attend a drop-away in international investing into UK fintech.

But Kevin Chong, co-maneuver of emergent companies at Investec, which invests in a bit of fintech start-ups crosswise the world, said that all over the preceding 12 months he had seen an increase in International investors, and in the count of those World Health Organization had ne'er antecedently invested with in the sphere.

"A lot of it is to do with the fact that we have such a high concentration of financial service players in London in such a tight geography," he aforesaid.

"And fintech, unlike some of the other technology sectors, is one of those areas where you can't avoid having to partner with or have some sort of relationship with the established players."

Despite London's ascendancy in Europe, it still lags investing in Silicon Valley, whose fintech sector pulled in all but $6.5 billion in the yesteryear Phoebe years, as fountainhead as Capital of Red China and Fresh York.

Chong aforesaid that although budgets were larger in Atomic number 14 Valley, start-ups had to a lesser extent entree to major Banks and early business enterprise services firms there, and this was a reason that Fresh York and London were thriving apace.

"Clearly Brexit poses major challenges, but London's position as a global financial centre and world-class technology hub...cannot be replicated anywhere else," aforesaid London's Surrogate City manager for Business, Rajesh Agrawal, in a argument.

"This highlights the need for a Brexit which enables London to maintain its place at the heart of the single market, as the continent's financial capital." ($1 = 0.7594 pounds) (Coverage by Polina Ivanova and Jemima Kelly; Redaction by Hugh Lawson)

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