The news: UK fintechs raised a record of more than $11.6 billion in funds across 713 deals last year—a 217% increase from 2020, per Innovate Finance, an industry body representing UK fintechs, using data from PitchBook.
UK fintechs accounted for 11% of all deals globally, placing the country at No. 2, behind the US but well ahead of Europe and any other region.
More on this: During 2020, UK funding stagnated for the first time in years due to the pandemic and uncertainty caused by the UK’s departure from the European Union. The smashed record shows that investors have fully recovered their confidence in the sector.
Data drilldown: Mammoth funding rounds drove the figures, including those of Revolut, Monzo, Copper, Checkout.com, and Starling.
- Late-stage and early-stage rounds got the most funding, pulling in $7 billion and $27 billion, respectively.
- Growth-stage level followed with $1.6 billion.
- By number of deals, the seed stage saw a decrease in funding (securing less than $1 million). UK venture capital firms have typically been later-stage investors, meaning startup founders…
