Technology

The UK’s tech sector is now home to more than 70 tech unicorns as one has been created every month in 2019. This is according to figures from Tech Nation, working on behalf of the government’s Digital Economy Council. It shows that the UK is third in the world when it comes to creating fast-growing tech companies.

The UK is still behind the US and China for unicorns, but now has more than double the amount of $1 billion companies than Germany, which came fourth. One of the key areas of growth, particularly in London, is on fintech, where the UK’s capital ranks second only to the San Francisco Bay for the number of financial technology unicorns, at 18.

In the past 12 months, 13 UK companies have reached valuations of more than $1 billion, taking the total number of UK firms valued at that amount to 72. More than a third of Europe’s fastest-growing tech companies are now based in Britain. London remains the acknowledged centre of Europe’s tech sector, producing one in five (21%) of the continent’s fast-growing unicorns. The capital has produced 45 unicorns worth $148 billion.

The technology sector also is driving job creation in cities right across the UK, according to the figures, with 2.1 million people now employed and employment growing at more than 10% a year.

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