London becomes tech capital of Europe
Fintech investment has reached a record high in London, with an impressive £2.99bn venture capital into the UK’s tech sector in 2017.
The expanding fintech scene has been boosted by London’s strong image as a safe choice for diversified investments. London left Paris, Berlin, and Stockholm behind in the race for fintech capital investment as big companies find the capital the best choice to operate from or expand to. Investors are particularly attracted by the UK’s time zone, the language, and the networks that London develops between big multinational business institutions.
The Mayor of London, Sadiq Khan, said:
“Today’s record investment figures are further proof that London is the undisputed tech capital of Europe and I am committed to ensuring we take over from Silicon Valley as the world’s leading tech hub. “Technology entrepreneurs and businesses are attracted to our great city for its diverse talent pool and unique business ecosystem and I am determined that London remains open to investment and the best tech talent from all over the world.”
Whether it is fintech venture capital, residential property investment, or lucrative commercial leases, the capital tops the preferences of international investors.
According to Rob Kniaz, a founding partner of VC firm Hoxton Ventures “London is the place where the US and global investors come as their first port of call. Being in London puts you in a perspective that is a lot more worldly,” he said. That’s a real advantage.” Much of London’s power over the international funds and those who manage them, is derived from the City where essentially the biggest financial decisions globally take place.
For the UK to remain appealing to overseas investment, retaining and providing motivation to international and EU talent is key. Nevertheless, tech giants like Spotify, Google, and Apple have evidently shown their commitment to London with the opening of new HQs and new departments in the next 2 years
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