Lord Mayor in San Francisco with UK fintech delegation
London’s Lord Mayor William Russell today begins a three-day visit to San Francisco as new research showed that the UK is the first choice overseas market for fintech-focused North American venture capital firms.
A survey by financial data firm Preqin showed that 90 per cent of North American venture capital and private equity fund managers think that UK fintech firms have “impressive founders and teams.”
Read more: London’s fintechs to get global boost from government backed programme
An additional 85 per cent believe UK fintech firms have “strong business models and strategies.”
Together these two factors are those identified by the same survey as being of “critical” importance to decisions over whether to invest in fintechs or not.
Joining the Lord Mayor on his first overseas trip are several UK fintech start-ups, who will meet with well-known fund management organisations such as Norwest and Amex Ventures.
The visit is part of a City Corporation campaign to bring growing UK fintechs together with US investors.
William Russell, London’s Lord Mayor, said: “The UK and London’s fintech sector is already a huge success story.
Read more: London’s fintechs are magnets for venture capital firms
“As we embrace the digitisation of the global economy, fintech offers us a golden opportunity to reshape the UK and USA’s trading relationship and bring prosperity to both of our countries for generations to come.
“There is still huge untapped potential in this partnership. That’s why the direct engagement will be so important – to raise awareness of UK expertise and foster the relationships that will lead to tomorrow’s deals.”