Chart of the day
A glimpse of UK fintech sector
The state of UK fintech in 2022
(NB: The ‘year’ column refers to the year in which each company was founded).
A report by Davide Sangiovanni, founder and general partner at VC firm Graffiti Ventures, collected data on 40 key UK fintech players to help gauge the health of the UK fintech industry in 2022. The median growth rate in revenues of the sector in 2022 was 55%, with an average growth rate of 118%. Just three companies; Seedrs, Primary Bids and Though Machine, reported negative growth rates.
Of course, figures from 2023 will likely look a lot different amid tighter funding conditions and macroeconomic uncertainties. Nevertheless, as Startups.co.uk points out, the UK fintech sector is continuing to show resilience, given that it currently accounts for over 50% of total European funding. As such, the growth in UK fintechs in 2023 may not be as low as first thought.