More than a billion dollars was invested in British Fintech companies in the first half of this year, over a third more than the same period in 2016, according to trade body Innovate Finance.
Foreign investors also contributed to over half of the total, suggesting that despite concerns post-Brexit, international investors still see the region as an attractive place for their money. Fintech employs over 60,000 people in the UK and contributes $9bn (c.£7bn) to the economy. UK companies have been exploiting the market disruption opportunities that cloud technologies have offered for financial services. Cloud and software as a service can help address the challenges the industry has faced, with high speed transactions and the need for real time reporting, creating new challenges. A notable UK success story was Durham based Atom which announced £100m round of investment in February this year. This was led by its existing investors including hedge fund Toscafund and Spanish bank BBVA. It then received another £30m from British Business Bank.