European Union finance ministers are gathering to discuss ways to attract more fintech companies as the continent’s largest fintech hub, Great Britain, prepares to exit the group in less than two years.
The E.U. finance ministers will meet Friday in Tallinn, the Estonian capital, according to a Reuters report.
The report states:
The EU fintech market is dwarfed by those in China and the United States. It is concentrated in Britain, which is set to quit the E.U. in 2019, leaving the bloc with a fraction of the small but flourishing industry.
Indeed, the U.K. is the largest fintech market within the E.U. According to CB Insights report, the United Kingdom had the most fintech deals to date in the whole of Europe, accounting for 38% of M&A activity in the fintech space. Germany came in second with 14% and Sweden was third with 9%. Read the full report here.
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