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Fintech companies are often exciting innovators that keep investors on their toes as they rapidly develop new services and products. As a sector, financial technology is in a major period of growth. There were several major deals in the sector last year, with a number of multi-billion pound deals, including Blackrock’s acquisition of FutureAdvisor for £120.73 million. But what does 2017 hold for this industry and who are the major prospects in Fintech?
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Top Fintech’s we’re keeping an eye on for 2017
Venture capital funding of fintech start-ups increased by 70% in the US, and in the UK in 2015 and shows no sign of slowing, the fintech sector is estimated to be worth around £6 billion to the UK economy in 2017. The sector currently employees around 61,000 people. HM Treasury says this is due to a supportive and prosperous fintech policy environment, with tax incentives and government schemes designed to encourage innovation and investment. London has seen a number of fintech start-ups grow into major success stories, including Skrill and Funding Circle.
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Former Morgan Grenfell fund manager, Flynn Levy, launched the business in 2014, alongside a team of data scientists, neuroscientists and fund managers. The company raised £2.1 million in start-up capital and is working with hedge funds and fund management companies in the US and Europe.[/two_third_last]
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PensionBee is an online platform where customers can track their pensions. The site uses employment data to collect multiple pension plans and bring them into a single plan. The site has only been running for two years, but PensionBee now boasts 11,000 users and 15 employees. It’s also targeting younger users, which is a growth market. [/two_third_last]
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London has seen a number of fintech start-ups grow into major success stories, including Skrill and Funding Circle. [/two_third_last]
Other fintech businesses worth watching include Zopa, Seedrs, Currency Cloud and SETL.