Investment in financial technology (fin-tech) firms in the UK now accounts for 42 per cent of all fin-tech investment throughout Europe, according to a report from Accenture.
Fin-tech investment in the UK grew by 136 per cent year on year to reach $623m (£417.2m) in 2014 according to the report, which surveyed 25 banking executives and used investment data from analytics firm CB Insights as well as info on M&A and IPO activity.
This growth in investment was, however, slower than fin-tech growth across the rest of Europe, which enjoyed 215 per cent growth year on year to hit $1.48bn in 2014.
This rapid growth was driven by heavy investment in the Nordic states ($345m), the Netherlands ($306m) and Germany ($82m).
According to the report, worldwide investment in fin-tech grew by 201 per cent year on year in 2014 to hit $12.21bn last year.
This growth in investment is "clearly signifying that the digital revolution has arrived in the ﬁnancial services sector", according to the report.
Rapid growth in fin-tech investment last year has been buoyed by the start-up market.
"Expectations for new digital start-ups in the industry continue to swell, with the amount of money ﬂowing into ﬁrst-round investments alone growing by 48 per cent," the report said.
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