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The Deputy Mayor for Business called London “fintech capital of the world’, but warned that the capital must ‘remain open’ to continue to thrive as technology investors flock to A square mile for a two-day conference coinciding with London FinTech Week.

“London really is the fintech capital of the world – we have over 3,000 fintech companies, more than any other city [but] we must remain open to talent at all levels” Rajesh Agrawal told “Standard”.

According to the Global Startup Ecosystem Report, London is the top destination in the world for fintech investment, with $6.3bn (£5.3bn) raised in the first six months of 2022 alone. The total value of London’s tech ecosystem is $314 billion, more than triple that of European rivals Berlin ($94 billion) and Paris ($89 billion).

Major funding rounds in 2022 included $312 million for digital payments business GoCardless and $200 million for software payments provider Paddle.

“London is like New York, Silicon Valley and Washington DC all in one place, where regulators, government and investors are all in one place, which means we can attract fintech companies,” Agrawal said.

“We need to continue to support the sector.”

It came amid calls from the tech sector to weaken the UK immigration policy in an attempt to fill the skills gap.

Russ Shaw, founder of Tech London Advocates, told the Standard: “Our biggest challenge is that we don’t have enough talent in London and across the UK to fill the jobs that firms need.”

“There are 150,000 tech jobs in the UK today, which gives you an idea of ​​the scale of the challenge we have to tackle.”

“We need to focus on diversity and inclusion and immigration policy.”

https://www.standard.co.uk/business/london-fintech-capital-of-the-world-rajesh-agrawal-b1011509.html

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