Investment in the UK’s FinTech sector slumped by almost 60 per cent in 2022, according to new research.
KPMG’s study found that 593 UK FinTech deals were completed in 2022, down from 724 in 2021, resulting in an investment drop from £39 billion in 2021 to £17 billion in 2022.
Karim Haji, a partner at KPMG, commented: “The variance highlights the shift in investor sentiment in the face of increasing geopolitical challenges leading to the lack of IPO exits, the downward pressure on valuations, and market turbulence.”
UK payment firms drew the most investment in 2022 within FinTech subsectors at $3.6 billion.
KPMG’s research also found that while British FinTechs attracted more funding than their counterparts in the rest of EMEA region combined, other FinTech hubs experienced positive growth in 2022.
French FinTech deal values rose by 28 per cent to $3.7 billion in 2022 and deals in Sweden rose by over a billion compared to 2021 to hit $3.7 billion.
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