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KPMG: UK fintech investment booming

Aug 14
 
Tags: KPMG LLP
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KPMG: UK fintech investment booming

Investment in UK fintech has skyrocketed in the last quarter, new data from professional services company KPMG has revealed.

According to the latest KPMG Pulse of Fintech report, the value of fintech investment among UK businesses rose to £1.4 billion in the second quarter of 2017 - up from the relatively minor level of investment of just £0.1 billion in the same period last year.

The move marks a considerable ramping up of investment in cutting-edge financial technologies and a wholesale restructuring of the payments landscape in the wake of PSD2 (Payment Services Directive 2) for countries across the European Union. European businesses have until January 2018 to ensure their compliance with the legislation.

Meanwhile, KPMG highlighted MasterCard’s purchase of Vocalink as being a major factor in higher levels of investment in fintech solutions, as the move helped to reinvigorate the previously subdued mergers & acquisitions market.

Murray Raisbeck, global head of fintech at KPMG, commented: "Fintech investment has made a comeback this quarter particularly in the US and Europe. However, the outlook for the UK is especially exciting as we wait to see just how much innovation Brexit will drive."

He added that banks, insurers and asset managers are currently in the process of reassessing their business models, with a clear focus on the delivery of "innovative tech solutions" to meet the growing need to better engage with staff and customers.

Mr Raisbeck's positive stance on the sector was echoed by partner and fintech leader for KPMG in Ireland Anna Scally. She argued that potential disruption to financial services companies licensed in London as a result of Brexit will likely also mean a considerable upturn in fintech providers examining their future plans during the coming six to 12 months.

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Image: iStock/iStock/a-image

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