Centre of the world
Fintech has some strong roots in London, particularly on the finance side. After the “Big Bang” of 1986, when the government deregulated the financial markets, hundreds of large banks, both domestic and from overseas, sprung up all over the City of London.
Those banks set up in a long-established trading centre that goes back centuries: for hundreds of years Britain traded extensively inside its vast empire, of which London was the capital.
The ‘tech’ in Fintech got a boost in 2010, when the government, noticing the cluster of innovative technology companies flourishing around the Old Street roundabout in east London, established Tech City, an initiative to nurture startups in the area. In 2015, Tech City received £2.2m funding from the UK Department of Business and Skills to continue its efforts.