FinTech is the new digital landscape for the world of finance. In London, UK, there is a thriving FinTech community, with a specialised hub of innovation found at Level39 on Canary Wharf.
Netguru can now proudly announce that we have become official members of Level39.
FinTech is the new digital landscape for the world of finance. In London, UK, there is a thriving FinTech community, with a specialised hub of innovation found at Level39 on Canary Wharf. Netguru can now proudly announce that we have become official members of Level39.
Level39 is Europe’s largest technology accelerator for finance and cyber-security, and has been instrumental in the London FinTech startup revolution, having expanded its available space specifically to house startups focused on developing technology in the FinTech, retail and smart city sector.
The Mayor, The City, And Level39
Venture capital funding for technology startups in London doubled to nearly £1 billion in 2014 over the previous year, a figure that is 20 times greater than investment put forward in 2010. This marks a very decisive shift amongst business players who now seem to be more than willing to invest in technologies elsewhere than Silicon Valley. In fact, London employs more people (51,000) in the sector than anywhere else in the world.
Investors clearly see that there is now huge potential in the London UK FinTech sector. UK Trade & Investment indicate that £342 million was invested in UK FinTech companies alone last year – nearly £100 million more than the global investment just 7 years ago in 2008 (see above). The UK’s buzzing FinTech industry is now estimated to be worth £20 billion.
Technology analyst at Edison Investment Research Dan Ridsdale accords the success to the “close proximity of the London cluster of FinTech companies with the investment community.” It “naturally creates a strong gravitational pull for investment,” he says.
“For some, the regulatory environment is also more attractive than the United States, for example, where regulation changes from state to state.”
24 companies from the recently released FinTech50 – a list compiled by FinTechCity, the London Mayor Boris Johnson and Level39, have all come together to see that London continues to earn its place as the number 1 seedbed for the continuing FinTech revolution.
Expanding FinTech development team with outsourcing
London FinTech is a success story in progress. But, with so many top companies all vying for space, the competition between them is heating up? As FinTech grows, so will the need for the enterprises involved to outsource their development. Web applications and mobile apps need to be designed with the future in mind. In order for these companies to make sure that they have got the room to expand, yet still keep the core of their business right at the centre of this exciting FinTech hub, then outsourcing will be the solution.
Software and development companies like us here at Netguru are watching the revolution of financial services excitedly. Our representatives in London will be happy to talk, and since we’re proud partners with Level39 our proximity to the FinTech hotbed enables us to accelerate the growth of this rapidly expanding arena.
Get in touch with us to find out more.