According to Innovate Finance and Mayor of London Sadiq Khan’s promotional agency London & Partners quoted by CNBC, London has beaten the “Big Apple” in attracting the largest amount of fundraising deals for financial technology companies so far this year.

The research was compiled using data from private capital markets research firm Pitchbook. In the first eight months of 2019, London’s FinTech sector has attracted 114 deals worth $2.1 billion, coming in second place behind San Francisco, where start-ups raised $3 billion. London came out $200 million ahead of New York on total deal value, with FinTech companies in NYC having raised $1.9 billion. In Europe, London was followed by Belgium ($881 million) and Stockholm ($735 million). Although San Francisco tops London in terms of total deal value, FinTech companies from U.K.’s capital won the most amount of funding rounds. For comparison, New York firms saw 101 FinTech deals, while San Francisco attracted 80.

U.S. remains the world’s largest FinTech market, more competition in the U.K.

With start-ups that have raised nearly $9.4 billion so far this year, the United States keeps its crown as the world’s largest FinTech market. Even so, many industry executives believe that U.K. and the rest of Europe are ahead of the curve when it comes to innovation in the financial services industry, as well as the adoption of new FinTech apps and contactless payments.

“There is much more advanced competition in the U.K.” stated for CNBC Shachar Bialick, co-founder and CEO of Curve. “In Europe it’s significantly higher than the States. The U.S. is very much behind when it comes to new FinTech technologies.” Charlotte Crosswell, CEO of Innovate Finance, added: “Generally what you’re seeing is a maturing of the sector. The number of deals is coming down slightly but the size is going up. That’s very natural and we would expect to see that as companies are becoming more successful and scaling globally as well.”

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