It's not a secret that London has one of the world's largest centres of leading international financial technology businesses. However, would anybody have expected it to increase so rapidly? We've had a look at what the figures show...
According to Crowdfund Insider, venture capital investment in London Fintech has jumped from £24 million in 2010 to £312 million in the first six months of 2015. Over the last 10 years, London has attracted 1000 international tech investment projects, more than any other country in Europe.
- 35% of the United Kingdom's online population has used at least one Fintech product, and this is increasing as their income is rising.
- The highest rate of Fintech use is amongst those aged between 25 and 44 and earning over £50,000 per year.
- Spending by British consumers on their contactless cards has increased more than five-fold (560%) in the last 12 months.
What are expectations for the future? It is estimated that an additional 8% of UK's "online population" will start using Fintech products over the next year. For this reason, it could be a good time to help London's Fintech start-ups expand further afield abroad. This is something Boris Johnson, the Mayor of London, has championed, having decided to build up relations with Asia, the world's third largest economy. Japanese interest in the Fintech industry is on the rise. The Mayor's trip to Japan will involve trying to seek out partners for companies to expand in Asia and strengthen regulatory approval for start-ups. Japanese companies have invested £115 million in 19 UK tech start-ups in the last five years. Collaboration between London and Tokyo, two tech powerhouses, will accelerate engagement with financial technology ahead of the 2020 Olympics, spurring an opportunity for growth in other sectors.
Does Japan hold a new market for expanding CommuterClub? Who really knows, but what we can guarantee is that we are improving day after day as we offer a new, alternative way for you to pay for your travel whilst accessing the best available savings. It is because of this that CommuterClub can't go unnoticed through the capital's Fintech expansion.