London Fintech Leads the World
Updated: Sep 23, 2019
This week confirmed what a lot of us in the UK already know. Our fintech industry is world-leading.
London has attracted 114 deals worth $2.1 billion in 2019 so far, research shows. The U.K. capital came out $200 million ahead of New York on total deal value. The U.K. capital’s fintech sector attracted a total of 114 deals worth a record $2.1 billion in the first eight months of the year, according to figures shared with CNBC by industry group Innovate Finance and Mayor of London Sadiq Khan’s promotional agency London & Partners. London has beaten New York in luring the largest amount of fundraising deals for financial technology companies so far in 2019, fresh research shows. Fintech firms in the U.K. capital won the most amount of funding rounds, the study said. New York firms snagged 101 fintech deals while San Francisco saw 80. London also came out $200 million ahead of New York on total deal value, with fintech firms in the U.S. city having raised $1.9 billion.
Global influence is measured in two ways: hard power and soft power. Hard power is the potential ability of a country to use military and economic means to get its way in international relations. Soft-power is different -- it is non-coercive. It is simply using the natural appeal of a country’s culture to influence world affairs. Not only does Britain punch above its weight in hard power terms with its military, it does so too with its world class soft power.
Britain has always ranked with the best in the world in soft power -- with highly respected institutions, cultural exports, technological innovation and global trade ties. This strength has been the basis of the UK’s global influence for centuries. Britain’s influence was in place long before the European Union came to exist and will continue to do so if the UK leaves the European Union. The UK’s influence globally is priceless, and will allow us to strengthen our ties around the world post-Brexit.