Since the words finance and technology were merged to define the new “fintech” era, the United Kingdom and Germany have been the dominant leaders in the European market.
That remains the case today, but two other nations have been increasing their presence and showing that they have what it takes to pump out innovation and build companies capable of making waves on the global market.
From 2013 to 2016, France saw its percentage of overall fintech funding in Europe increase from just 6% to 10%, according to the research firm CB Insights. So far in 2017, that trend is continuing, with France accounting for 11% of the regional total.
And with more than 450 fintech deals closing for more than $2 billion USD in 2016, per CB Insights, the percentage is growing even as the overall size of the pie also expands — at least partially in response to a governmental push to boost the French fintech sector.
Sweden is seeing even more of a bump this year. It has showed progress in fits in starts in recent years, with 9% of Europe’s fintech funding in 2014 but just 6% the following year. But halfway through 2017, it is sitting at 12% — easily the nation’s best results in the period analyzed by CB Insights.
“This healthy performance is possibly being driven by high-profile homegrown successes such as Klarna, whose media exposure may be attracting more investors to the country,” according to Business Insider.
Given the volume of transactions overall, and CB Insights calling the entire region “one of the hottest global fintech hubs,” such research lends even further credence to the notion that there may be more dealmaking and activity on the horizon for fintech in Europe.