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UK fintech investment grows despite global slowdown

UK fintech investment grows despite global slowdown

While global fintech capital investment was flat in the first half of the year, the UK saw a 24% year-on-year increase, according to data from Innovate Finance.

The total capital invested into fintech globally reached $59 billion across 3045 deals in the first half - flat year-on-year.

The global slowdown comes with some exceptions including the UK which recorded a 24% year-on-year increase from 2021. UK-based fintechs received $9.1 billion in investment spread across 294 deals compared to $7.3 billion across 375 deals in the first half of 2021.

Janine Hirt, CEO, Innovate Finance, says: "The UK is currently receiving more investment in FinTech than all of Europe, second only in the world to the US. We must continue to work together - industry, government and regulators - to build on this leadership and ensure the UK remains the best place in the world to start, build and scale a FinTech business."

In contrast, Mexico, the Netherlands, South Korea, and China, all saw notable drops in investment during the six months.

Funding has been tougher to come by for the sector as the wider economy stutters. Yesterday, CB Insights data revealed that nearly half a trillion dollars has been wiped off the valuation of fintech firms so far this year when their current value is compared to their peak valuation.

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