United Kingdom Fintech Market - Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

United Kingdom Fintech Market - Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

There has been negative impact of COVID-19 pandemic across different regions of the UK as well as international FinTech ecosystems, we have seen a number of key themes emerge as a result of the pandemic. It has impacted FinTech in a range of ways, and not always consistently. For instance, alternative lenders have faced a unique set of challenges in managing loan origination, risk and collections during these times. B2B FinTechs (e.g., RegTech, core banking software, data analytics providers) on the other hand, have in some instances seen the pandemic spur demand for their services, given their applications towards cost cutting, automation and reducing manual complexity.

FinTech is already vital to the UK and the value of the global market is expected to triple in the next decade. In a similar way to how the COVID-19 pandemic has introduced wide-ranging changes to the way we work and live, the impact of Brexit continues to be felt for a long period of time. While no single EU rival to the City of London has emerged yet, different Member States are taking advantage of the uncertainty presented by Brexit and are positioning themselves as new homes for fintechs.

Key Market TrendsLondon Emerges Global Leader as Financial Center

London is ranked second as a top financial centre after New York. Also serving various financial products along with the Artificial Intelligence provision with the financial product serving the global market abundance of Fintech Products formanaging loan origination, risk and collections during these times. B2B FinTechs (e.g., RegTech, core banking software, data analytics providers), oayments, Transfers P2P and other stock exchanges as well as the Cryptocurrency. Also It has boosted Australia Fintech Market with various contracts and services

Payment Infrastructure and International Connectivity

Interconnected ecosystem with broad-based strength across policy, talent and financial institution demand. Generational experience from a relatively mature FinTech community , abundant capital across growth lifecycle, with experienced VC and PE communities and New regional hubs anchored on industry specialisation and university connections led to the adaption of UK Fintech in U.S., India and Australia 46%, 87% and 58% respectively. Strong pool of technical talent has been key to attracting global FinTechs to India

Competitive Landscape

The United Kingdom Fintech Market is highly competitive and fragmanted as United Kingdom's fast-growing, yet fragmented, digital payment landscape has been witnessing the support and poartnerships with other countries in fintech domain as well. United Kingdom is currently home to more than 800 FinTech startups that cater to numerous clients and cover a broad range of services such as digital payments, alternative finance, wealth management and blockchain, among others. There are currently over 15 million authenticated e-wallet users leaving plenty of opportunities for players. In United Kingdom, digital and mobile payment is undeniably the most developed and crowded fintech segment. The common services offered by such e-wallet or payment platforms include transfer money, pay for online transactions, like bill paying and utility bills, and point-of-sale transactions through wireless transactions from mobile, food delivery, ride hailing, etc.​ United Kingdom groups such as YoYo, Money Box, Transfer Services, Monjo have been focusing on innovating FinTech industry and leading the United Kingdom Fintech Market to the new heights.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Revolut
Monzo
TransferWise
Payment Sense
Starling Bank
Nutmeg
Soldo
YoYo
Money Box
WeGift.io*

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