25 July 2017
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FinTech50: London continues to dominate European scene

07 June 2017  |  17917 views  |  0 European flags

The Brexit cloud may loom large but, for now, the UK remains at the centre of Europe's financial technology scene, home to nearly two thirds of the firms that make it into this year's FinTech50.

Now in its fifth year, the FinTech50 claims to showcase the 50 European fintech firms - as picked by a gaggle of industry experts - doing the most to transform the financial services industry.

In a booming sector, the 50 firms were whittled down from a longlist of more than 1500, and in a sign of how rapidly the scene is changing, 24 of the businesses are new to the list.

Making the rankings are challenger banks such as Atom and N26, core banking vendor Mambu, DLT outfit Ethereum, risk management provider OpenGamma and PayKey, which is one of 15 startups to make the Fintech Pavilion at this year's EBAday in Dublin.

Some of the biggest names in the industry - including Adyen, eToro, iZettle, Transferwise and Zopa - have been shunted off from the main list to a 'Hall of Fame', while a 'Hot Ten' of up-and-comers to keep an eye on includes ClearBank, Nxchange and 10xBanking.

Speculation is rife that London's position at the top of Europe's fintech tree could be damaged by Brexit, with the likes of Paris and Berlin making concerted efforts to woo startups. However, for now the UK remains dominant, home to 33 of the 50.

Meanwhile, there are signs that the gender imbalance in fintech is starting to correct, with nearly 20% of the list's firms having a female founder or CEO.

Other trends include the rise of AI, partnerships between fintechs and between fintechs and banks, and M&A as banks acquire market-leading challengers.

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