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UK tech ecosystem worth $1 trillion, with fintech dominating

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The UK’s technology ecosystem is now worth $1 trillion, with fintech dominating the list of most valuable firms.

The US and China are the only other countries to hit the trillion figure, according to data by Dealroom analysed for the UK’s Digital Economy Council. The UK’s digital economy is now worth more than double that of Germany’s and is almost five times larger than France and Sweden.

The country also has 13 tech decacorns, nine of which are related to financial services and fintech: Markit, WorldPay, Checkout.com, Revolut, FNZ, Wise, Rapyd, Admiral Group, and eToro.

In just the first three months of 2022, UK tech companies have raised over £6 billion, with more than half raised by fintech companies including FNZ, Checkout.com and GoCardless.

Digital minister Chris Philp says: “We’re working hard to make the UK the best place in the world to found, grow or float tech businesses – whether they’re early-stage startups or global innovators – ensuring they have the best talent, investment and regulation to thrive.”

Source: Finextra
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