Investment in the UK FinTech sector reached $9.1 billion in the first half of the year, a new report by Innovate Finance has found.

The figures recorded in the financial technology industrial body’s 2022 Summer Investment Report reflect a 24 per cent year on year increase from the same period in 2021.

According to Innovate Finance’s research, the figures place the UK as the second in the world for the amount invested in FinTech in the first half of 2022.

UK investment was higher than the rest of Europe combined, with Germany and France recording $2.4 billion and France $2.3 billion respectively, and investment in Italy and Sweden standing at $600,000 each.

The total amount invested in FinTech globally in the first half of 2022 reached $59 billion, with the US placing in first with $25 billion worth of FinTech capital.

Commenting on the results, Janine Hirt, chief executive of Innovate Capital, said: It is fantastic to see that UK FinTechs are continuing to secure outstanding levels of investment – this is a testament to the strength of our ecosystem, including our innovative entrepreneurs and founders, strong and diverse talent pool, and a supportive government and regulatory framework.”

She added: “It is critical that we now keep up this momentum.

“We must continue to work together – industry, government and regulators – to build on this leadership and ensure the UK remains the best place in the world to start, build and scale a FinTech business.”

The figures come after investment in the global FinTech industry was slashed by 33 per cent in the second quarter of the year.

Data published in the latest CB Insights State of Venture report earlier this week, reveal that all major regions across the world, including Europe, Africa, Australia, the US, Asia, Canada, Latin America, and the Caribbean, have seen funding cut over the period.

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