London has overtaken New York for FinTech investment deals, according to new research.

A report based on Pitchbook data released by London & Partners and Innovate Finance explored the FinTech VC-led investment trends so far in 2019, comparing countries and cities around the world, in terms of deal value, deal count and sources of investment.   

A Fine Year for FinTech: Global Trends from a UK Perspective put London in top spot in 2019, with a total of 114 deals, overtaking New York (101).

San Francisco is in third place (80 deals), with Singapore (23) and Beijing (24) competing for fourth and fifth.   

The US remains the largest market globally, with $9.37bn raised so far in 2019.

Out of the 10 largest European investments recorded so far in 2019, London-based companies account for half these deals, totalling $1.8bn between them.

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The UK capital’s FinTech sector is a leading source of high value scale-up companies, with Monzo ($143m) and WorldRemit ($175m) featuring in the lofty ranks of unicorn success stories.

An analysis into the top 10 cities for number of FinTech deals in 2019 showed that London has the most international investors, with 54 per cent of total VC investment involving an investor from outside the UK.

The PE growth deal for London-based Greensill Capital worth $800m completed in August 2019 was excluded, as it does not fit the research methodology used.

Laura Citron, CEO, London and Partners, said: “London has always been ahead of the curve and pivotal in embracing new technology and opportunities while pushing the boundaries of an existing ecosystem, to present an even better solution. 

“The report shows London is leading the world in terms of the number of FinTech deals and the investment across Europe.  With no signs of slowing down, the FinTech community reflects the unstoppable nature of our city.”