Leaders of the UK’s financial technology industry are urging the British government to increase tax relief and help them raise more investment, as some executives warn a shortage of domestic investors is holding back the sector.
Venture capital investment in UK companies fell in the first three months of 2024, reaching the lowest level since the second quarter of 2020.
The British digital bank Monzo has raised 340 million pounds (1.26 million) at a valuation of 4 billion pounds (.07 billion). The funding round was led by CapitalG, owned by Alphabet (GOOGL.O), with additional investment from GV (Google Ventures) and HongShan Capital. Monzo, which became profitable in March 2023, plans to use the funds for expansion and to introduce new products. The company was previously valued at .5 billion in late 2021.