Fintech funds hit record in London fillip despite Brexit

London’s financial technology sector is on course for a record year of investment, it emerged on Thursday, as the mayor’s promotion agency released new figures.

Investors have pumped more than £825 million into British fintech start-ups since the start of 2017, double the amount seen in the same period last year, research commissioned by the Sadiq Khan’s office found.

London attracted 90% of that investment, and over the past five years has pulled in more than five times the amount of any other European city, the research found.

Deputy Mayor for Business Rajesh Agrawal said: “This highlights the need for a Brexit which enables London to maintain its place at the heart of the single market.”

The Brexit vote caused jitters over tech investment, but the research suggests fintech firms have not been hit so far. Fintech investments this year include $66 million (£50 million) raised by challenger bank Revolut and $50 million by accountancy software firm Receipt Bank.

Financial technology firms are challenging traditional banking by offering services ranging from mobile payment apps to digital currencies like bitcoin.

The Treasury thinks the sector will be a key source of growth as we leave the European Union.