24 September 2017
visit www.avoka.com

France and Sweden's fintech ambitions get Brexit boost

30 August 2017  |  15216 views  |  0 EU building, Brussels

The UK's divorce from the EU has led to France and Sweden gaining a larger share of the number of fintech deals done within the Union, according to the research firm CBInsights.

The survey, European Fintech Trends, showed the difference in the number and regional share of fintech deals among European countries and while the UK still leads the way with a 34% share, it has fallen from the 45% it enjoyed back in 2014.

France and Sweden have been the two biggest beneficaries from this drop, experiencing boosts of five and three percentage points respectively - France now has 11% of the deals while Sweden has 12%. 

That said, the overall capital raised by fintech-related ventures has increased in the same period. So far in 2017, venture capitalists have invested $2.6bn, surpassing the previous annual record and more than doubling the total raised in 2013. CBInsights forecasts that the 2017 total will exceed $4bn by year-end.

Nevertheless, the concern is that the UK is seeing its influence in the European fintech marekt diminish as a result of Brexit. A number of UK-based startups have highlighted the restricted access to the European Investment Fund, a large, EU-run source of venture capital, as one of the negative impacts from Brexit along with potential difficulties in recruiting skilled tech staff from overseas. 

The report also highlights a number of other fintech trends, such as the rise of insurtech where financing increased from $13m in 2015 to $129m in 2016 and looks set to rise further this year.

The report also showcases the growth of blockchain projects, many of them led by national governments in Sweden, ther UK, Ukraine and Estonia. Meanwhile, for private blockchain projects, Switzerland is emerging as a hub of choice within Europe. 

"Switzerland has proved itself a regulatory haven for blockchain startups, while the technology’s decentralized funding mechanism lends itself to borderless innovation," states the report.

 

 

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Frankfurt predicts Brexit jobs boost at London's expense

Frankfurt predicts Brexit jobs boost at London's expense

25 August 2017  |  13824 views  |  1 comments | 10 tweets | 13 linkedin
FinTech50: London continues to dominate European scene

FinTech50: London continues to dominate European scene

07 June 2017  |  19307 views  |  0 comments | 28 tweets | 24 linkedin
Transferwise boss warns fintech startups against Brexit Britain

Transferwise boss warns fintech startups against Brexit Britain

12 April 2017  |  13345 views  |  6 comments | 15 tweets | 8 linkedin
Investment in UK fintech drops by a third in 2016

Investment in UK fintech drops by a third in 2016

07 February 2017  |  9496 views  |  1 comments | 19 tweets | 14 linkedin
UK government promises money for fintech specialists

UK government promises money for fintech specialists

23 November 2016  |  11041 views  |  0 comments | 25 tweets | 12 linkedin
Paris urges City staff to 'join the frogs'

Paris urges City staff to 'join the frogs'

18 October 2016  |  5457 views  |  5 comments | 7 tweets | 10 linkedin
Brexit be damned: UK fintech weathering the storm

Brexit be damned: UK fintech weathering the storm

19 September 2016  |  9574 views  |  1 comments | 18 tweets | 6 linkedin
Fintech starts to reflect on the realities of Brexit

Fintech starts to reflect on the realities of Brexit

27 June 2016  |  12990 views  |  1 comments | 17 tweets | 12 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.capgemini.comvisit www.temenos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13316 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9574 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8564 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8268 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8037 views comments | 32 tweets | 45 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job