According to the report by Vacancy Soft over the last five years, the rise of fintech has had a profound impact on the UK banking sector. So much so that traditional banks increasingly see their core revenue streams coming under attack. Privately held startup companies valued at over $1 billion – known as the ‘fintech unicorns’ – are spearheading innovation, successfully digitising payments, peer-to-peer (P2P) finance and fund transfer processes. As a result, incumbents in the banking sector find they are having to adapt to this wave of innovation to compete with the likes of Funding Circle, Transferwise and Revolut.
This wave of disruption would not have been possible without the influence of Venture Capital (VC) firms’ investment. The fintech unicorns have had to raise significant capital in order to get to a place where they can compete. It is now clear that they are here to stay and London remains at the forefront of the fintech.
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