First let’s have a look at Fintech-In the first half of 2017 Fintech investments attracted $6.5billion of VC investment and the UK was up 37% at $564million of VC investment. The UK is third in the world behind United States and China ( Source: Innovate Finance) and this growth of investment is set to grow. It is likely that the UK will retain its premier position in this area in spite of Brexit.
Globally, the investment is driving innovations in payments, insurance, lending, payroll and many other areas in finance businesses. The Banking sector is in the lead where they are trying to achieve cost savings and growth at the same time. In the UK one of the larger deals deals was with Zopa ( Crowdfunding Business) which raised £32million to launch “the next generation digital bank” (Source CNBC)
AI or artificial intelligence. The level of investment in AI is also achieving record levels of investment. In 2016 companies invested $26billion to $39billion in artificial intelligence. Interestingly start-ups accounted for more than 20% of this investment. McKinsey has identified the six main characteristics of AI early adopters (Source: Forbes)
This level of activity and investment is set to continue and grow. There are opportunities for smaller businesses and start up in this space.
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