Investment in UK FinTech firms has been unaffected by the Brexit vote, analysis from industry group Innovate Finance has suggested.

Venture capital (VC) investment in UK FinTech for H1 2016 slowed by 33 per cent year-on-year, compared to the same period in 2015 – putting total UK FinTech investment at $386 million. So called ‘Brexit clauses’ were cited as the reason for delayed funding for a number of UK FinTechs immediately following the 23 June vote.

However Lawrence Wintermeyer, CEO of Innovate Finance, said: “Anecdotal evidence from US and UK based VCs indicates that Brexit has not affected material interest in investing in innovative UK FinTechs, and in some cases, US dollar and euro denominated funds have seen value opportunities.”

In fact, since it was announced that the UK was to leave the European Union, a number of Innovate Finance members have struck deals, including Crowdcube ($9.1 million), Meniga ($8.2 million), TransferGo ($3.3 million), and Moneybox ($1.8 million).

Wintermeyer added: “At this early stage the data indicates that many UK FinTechs appear largely unaffected by the referendum result, although the longer term effects of a potential single market exit and loss of financial services passporting status including access to talent remains to be seen.”

Other notable data showed that global venture capital investment in FinTech for H1 2016 rose by 148 per cent year-on-year – compared to the same period in 2015 – putting total FinTech investment at $13.2 billion. China was also found to have outpaced US venture capital FinTech investment, led by a $4.5 billion Alipay round.

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