For years, forming a fintech startup in London was enough to dazzle venture capital firms. Now, founders are having to show success or be forced to change their strategy. The flurry of firms set up over the past decade to try and disrupt payments and consumer banking must now contend with the lowest level of funding since at least 2016.
Early innovations that helped turn London into a global hub for talent, even post-Brexit, have simply not panned out as planned. The successes of Revolut — Europe’s most valuable startup — or Monzo Bank, which just attracted multibillion-dollar takeover interest from Brazilian fintech giant Nu Holdings, have also added pressure for other companies to show an exit path, and help return money to initial investors.
Extract — continue reading at the source.
