UK FinTech investment surges following regulation revamp

British FinTech firms received a record $11.6 billion in investments in 2021 as investors looked to capitalise on new regulation in the sector.

Total investment in UK financial technology firms rose more than 217 per cent last year, with the majority of global capital invested in later-stage growth funding, data from Innovate Finance, the UK FinTech industry body, showed.

Only FinTechs in the US recorded more investment, with an injection of $46bn.

Janine Hirt, chief executive of Innovate Finance, said the “impressive investment figures speak for themselves”.

FinTech delivers “on all the biggest global trends and needs, including business productivity, consumer behaviours, financial wellness and inclusion, climate change solutions and cyber security — which is why it is such a magnet for investors”, she added.

The UK’s FinTech sector also outpaced the rest of Europe and dominated the continent in terms of capital invested, with almost half of the $24.3bn invested across Europe going to British firms.

The surge in funding gives the sector a post-Brexit boost as regulators and ministers enact a range of new measures set out by Lord Hill’s Review of UK listings and the Kalifa Review of FinTech last year, designed to retain the UK’s position as a leading FinTech hub following Britain’s exit from the EU.

The $11.6bn in funds invested in the UK was spread across 713 deals, which marks 11 per cent of all global deals in 2021, a slight increase from the 10 per cent seen in the previous two years.

“Our FinTech sector is reaching new levels of maturity, and investors are responding to the growing market demand for the products and services our entrepreneurs are able to provide,” said Ms Hirt.

Lord Gerry Grimstone, Minister for Investment, said 2021 was a first-class year for UK investment, thanks in part to the Global Investment Summit in October, which secured nearly £10bn in investments in the UK’s industries of the future.

“We proved that the UK FinTech sector is more than a force to be reckoned with, maintaining our position as the number one FinTech investment destination in Europe, and number two in the world, second only to the US,” Lord Grimstone added.

While the US and UK took first and second position respectively, India came in third place with $6.3bn invested in its FinTech sector, followed by Germany at $4.4bn and Brazil at $3.8bn.

Looking more closely at the UK figures, investment outside the UK capital and the south-east of the country is on the rise, with $696m invested compared to $206m in 2020 — a 237 per cent increase, as other areas of the UK, such as Northern Ireland, establish strong regional hubs.

The top deals in Britain were dominated by challenger banks such as Revolut, Monzo and Starling, with Revolut’s $880m round in July among the top 10 most valuable rounds globally.

However, challenges remain for the sector, with the country lacking growth capital as the majority of funds backing UK companies went into early or late-stage funds, while the female funding gap persists, with women founders receiving only 9 per cent of all capital invested.

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

• Remittance charges will be tackled by blockchain

• UAE's monumental and risky Mars Mission to inspire future generations, says minister

• Could the UAE drive India's economy?

• News has a bright future and the UAE is at the heart of it

• Architecture is over - here's cybertecture

• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

While you're here

Andrew Wilks: Turkey’s promised reforms could recast US relations under Biden administration

David Lepeska: How two 16th-century pirates inspired Erdogan's foreign policy

Con Coughlin: Grandstanding in Turkey leads to terrorism in France

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

How to wear a kandura

Dos

Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts

Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

While you're here

Kareem Shaheen: Even a pandemic could not unite today's America

Michele Wucker: The difference between a black swan and a grey rhino

Robert Matthews: Has flawed science and rushed research failed us?

• Remittance charges will be tackled by blockchain

• UAE's monumental and risky Mars Mission to inspire future generations, says minister

• Could the UAE drive India's economy?

• News has a bright future and the UAE is at the heart of it

• Architecture is over - here's cybertecture

• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

Killing of Qassem Suleimani

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

While you're here

Samanth Subramanian: Imposing Hindi could undermine India's linguistic diversity

Phil Mercer: Aboriginal musicians are struggling to be heard

Gavin Esler: What we lose when we allow languages to die

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

The%20specs%3A%202024%20Mercedes%20E200

%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A