London has cemented itself as Europe’s fintech powerhouse, boasting more unicorns than any other city on the continent.
According to Hurun’s latest index, 80% of the UK’s unicorns and future unicorns are based in the capital, with fintech leading the charge.
The numbers speak for themselves—52 of the 137 British unicorns operate in the fintech space, with Revolut standing tall at a $45 billion valuation.
It’s not hard to see why London has this dominance.
A well-established banking infrastructure, a deep talent pool, and a regulatory environment that encourages innovation have all played a role.
The UK’s consumer base also helps—digitally savvy and open to challenger banks like Monzo and Starling, Brits have embraced fintech faster than many other markets.
But the question is: can London keep this title?
While it’s miles ahead of Berlin and Paris, it faces a bigger threat—the pull of the US. The American market writes bigger checks, offers a larger customer base, and provides a deeper capital market for scaling companies.
That’s why some of the UK’s most promising startups end up relocating.
To prevent fintech founders from jumping ship, the UK needs to step up. Rupert Hoogewerf, Hurun’s chairman, suggests expanding government-backed growth funds and fast-tracking banking license approvals.
It’s a solid start, but the UK also needs to ensure later-stage investment stays competitive. Otherwise, its biggest fintech successes might not be British for long.
For now, London is still Europe’s fintech king. But as more startups chase global scale, keeping that crown will take more than just momentum.
Source(s): London Breeds More Unicorns than Paris, Berlin and Amsterdam Combined
