London becomes Europe's Fintech Capital
Based on a paper published by Accenture, Tech City News reports that London may soon grow into one of the world's most important clusters of financial technology startups. Investment in fintech in the UK and Ireland grew twice as fast as similar companies in the Silicon Valley. In 2013 alone, investment increased to $265 million. Julian Skan, Managing Director of Accenture's Fintech Innovation Lab, based at Level39, believes that there are still challenges and says:
For a relatively new sector, fintech is developing fast. But, it is harder to raise funding, and entrepreneurs are less focused on commercializing new ideas than in the US. It is also difficult for small entrepreneurial companies to gain entry to big global banks.- Julian Skan, Managing Director of Accenture's Fintech Innovation Lab
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