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.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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