Venture capital investment into the UK’s tech sector reached £2.99bn in 2017 (2016: £1.63bn).

Tech firms in London raised a record £2.45bn, representing around 80% of all UK venture capital tech funding in 2017.

London tech firms also raised more venture capital investment than any other European city.

UK fintech firms attracted a record £1.34bn in VC funding, making it the leading sector for investment in 2017.

Over 90% of all money raised by UK fintech firms last year was by fintech firms in London.

Financial technology companies such as TransferWise (£211m), Funding Circle (£81.9m) and Monzo (£71m) all held multi-million-pound funding rounds in 2017.

•   Treasury to open £2m fintech competition
•   Innovate Finance launches regtech working group
•   Orca accepted on to FCA sandbox

Data has also shown that the UK firms attracted almost four times more funding in 2017 than Germany (£694m) and more than France (£667.63m), Ireland (£123.06m) and Sweden (£418.87m) combined.

Mayor of London Sadiq Khan said: “[The] record investment figures are further proof that London is the undisputed tech capital of Europe and I am committed to ensuring we take over from Silicon Valley as the world’s leading tech hub.

“Technology entrepreneurs and businesses are attracted to our great city for its diverse talent pool and unique business ecosystem and I am determined that London remains open to investment and the best tech talent from all over the world.”

Eileen Burbidge, partner at Passion Capital, added: “The UK remains one of the world’s leading hubs for technology investors and it is no surprise to see that UK tech companies attracted double the amount of venture capital financing than any other European country last year.”