London’s financial technology scene is showing increasingly rude health.
With its centuries of history in finance London is proving to be one of the most exciting locations on the planet to start a business in financial technology.
And whilst California still rules in terms of attracting investment to interesting start-ups, the British capital’s efforts are looking increasingly respectable, with growing numbers of venture capitalists and independent angel investors willing to back innovation with cash.
But so far this year which companies have drawn the most money in their funding rounds? CBR investigated, and here’s what we found.
1. MarketInvoice – £6m
MarketInvoice is a peer-to-peer fintech company started in London in 2011 with the aim of facilitating funding for smaller companies, one of the key markets for the start-up scene.
Only on Monday the company raised £6m from the technology investor Northzone, among others, adding to a previous round where it nabbed £5m at the end of last year.
2. eToro – £7.7m
Describing itself as a “social investment network”, eToro runs a platform allowing people to trade in currencies, commodities, indices and much else, covering 4.5 million users across 170 countries.
In the seventh funding round since the company formed in 2007 the company pulled in £7.7m from the German Commerzbank, the latest in the £47m the firm has collected in various rounds.
3. Velocity – £7.7m
Velocity is the creator of an app designed to take away the awkwardness of splitting bills at the end of meals, as well as provide reward programs to keep punters coming back.
In June of this year the company collected £7.7m in Series A funding, with investors including former Thomson Reuters chief executive Tom Glocer as well as Initial Capital Partners.
4. Currency Cloud – £11.5m
As implied by its name, Currency Cloud is an international money transfer service that runs an engine and APIs [application programming interfaces] which developers can use to loop themselves into the firm’s payment network.
In a Series C funding in June the company raised £11.5m, taking total funding to £23m after just three years in
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