London has always been one of the world’s major financial centres. It shouldn’t be all that surprising then that, as technology’s evolved, it’s also become a global fintech capital.
In fact, more Londoners are employed in the sector than any other city worldwide, standing at 44 000 (1 000 more than New York). London is a major hub for big data. There are an estimated 54 000 big data workers within 25 miles of London, compared to 57 000 for New York City and 98 000 for San Francisco/Silicon Valley.
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That’s according to financing expert and writer Karen Melonie Gould, writing in a newsletter sent out by CRM and database tool Majestic3. According to Gould, London’s fintech prowess is also paying in other startup sectors:
Read more: What I’ve learnt from the trenches of startup ecommerce in London
The UK is generating more US$1-billion Unicorns than any other country in Europe. Just five years after the launch of Tech City, venture capital into London is now ten times higher than in 2010.
Tech firms in the capital secured almost US$1.4-billion in venture capital financing over the course of 2014, double the figure for 2013 and ten times the figure of 2010. In just the first three months of 2015, the City’s tech companies secured more than $682million in VC financing. Over the next ten years the number of digital technology companies in London is expected to rise to 45 000 and create more than £12 billion of economic activity, according to research by Oxford Economics.
Of the 17 UK tech unicorns, 13 are based in London. More than the total of Sweden and Germany put together. There was a 92% increase in new digital companies incorporated in Inner London between 2010-13. 251 590 are in digital employment across Inner London, more than any other city in the UK Over the next ten years there are expected to be 46,000 more digital jobs in London, according to research by Oxford Economics.
Despite that, the British Government have decided to host again the ‘BIGGEST BUSINESS FESTIVAL’ not in London but Liverpool because of it’s location for infrastructure and it’s own International Airport. The event, which takes place on 29 and 30 June, is expected to attract more than 15 000 visitors.
The event has secured £2-million investment and growing for the best pitches and have an international panel of VC Judges from around the world.
