London tech sector attracts record US investment

London tech sector attracts record US investment

London tech firms attracted nearly $800 million from US investors last year, with the fintech sector at the fore, according to figures compiled for the city's mayor, Boris Johnson.

The number is a huge rise on 2012's record of $296 million, says London & Partners, the mayor's promotional company, which put together the data to coincide with Johnson's current tour of the US.

"As the digital capital of Europe, London is clearly the place to create fast-growing tech companies, and our flourishing tech sector has caught the eye of US investors. London's talent is attracting global investment, enabling our innovators to turn their ideas into companies that create jobs and economic growth in London," says the mayor.

Investment from the US shows no sign of slowing in 2015, with fintech leader TransferWise already scoring $58 million of investment from Andreessen Horowitz. The money transfer startup is now planning to open US offices.

Meanwhile, Barclays has used the trip to reveal that it is working with Techstars to bring its fintech accelerator programme to New York. Following the format of the bank's existing London offering, the programme will give 10 startups the chance to take part in 13 weeks of intensive networking, mentoring and development, aimed at supporting breakthrough financial technology innovations.

Firms can apply from the beginning of next month, with the programme beginning in July at new, custom-built premises in Manhattan. The companies will also have access to a catalogue of Barclays APIs and data to help them build and refine their business models.

Derek White, chief design and digital officer, Barclays, says: "Our goal in New York is to help innovators develop new disruptive fintech technologies, particularly in the investment banking, wealth management and credit cards industries."

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