New figures from Innovate Finance show that global FinTech investment reached $15.9 billion in the first six months of the year, a drop 19 per cent compared to the second half of 2023.

Data from the FinTech industry body shows a 19% decrease in total capital invested, while in the UK there was a 37% drop to $2 billion.

The UK remains second globally in FinTech investment, behind only the US, having secured more capital than the rest of all European countries combined.

Over the past 12 months, UK investment was also above pre-Covid investment levels of 2018 and 2019.

Innovate Finance predicts that the global market will not see growth again until next year at the earliest.

The organisation's chief executive Janine Hirt said that while the organisation believes the decline in investment since the 2022 peak may have "bottomed out", it predicts the global market will not see growth again until next year at the earliest.

"When it does turn, the UK’s challenge is to make sure we can maintain and grow our market position, which is not guaranteed," she explained.

But the chief exec said that despite a challenging investment landscape in the first half of 2024, the UK FinTech sector maintains its position as a "global hub for investment" and has maintained an "undisputed leading position in Europe."

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