Key Takeaway: It should come as little surprise that the City of London is a magnet for fintech, though it may be challenging for the capital to repeat this feat next year, given the current uncertainty over Brexit.

London led the world in the number of financial technology deals this year through the first eight months of the year, boosted by its position as the top destination for internationally invested money and a thriving tech sector. 

Still, in terms of deal value, San Francisco crushed all other cities, hauling in $3.02 billion, compared with $2.1 billion for London, according to a report from the Mayor of London’s office and its London and Partners promotional agency.

London, which took the top spot from New York City, had completed 114 deals by the end of August. San Francisco cleared 101 while New York was in third place with 80. 

The year’s biggest deal was out of San Francisco — the $500 million fundraising by SoFi announced in February, according to PitchBook data. 

Notable London deals included banks Oaknorth and Monzo, which raised $440 million and $143 million, respectively. The biggest European deal of the year so far happened in Berlin as challenger bank N26 raised $470 million. London is top of the list of cities that received the most cash from overseas — with 54% of VC investment coming from outside of the UK.

More on this story:

  • The U.S. is still, of course, the largest market globally, with $9.37 billion raised so far from 477 deals, compared to the U.K. total of $2.29 billion from 142. Germany is next, raising $999.8 million from 37 deals, followed by China ($770.8 million with 62) and Sweden ($736.7 million with 24).
  • London is also, by some distance, the No. 1 place in Europe for fintech investment. Berlin is its next closest competitor and only raised $881 million. The other cities in the European top five are Stockholm (about $734 million), Paris ($330 million) and Milan ($49 million).
  • Since the 2016 Brexit referendum, London Mayor Sadiq Khan has been working hard to remind investors that “London is open” for business, and this report is no doubt part of that messaging strategy.