Investment in UK fintech shot up more than 150% in 2017 despite a big global dip.

LONDON — Britain's fintech scene is booming.

British firms such as TransferWise and Monzo attracted more than double the amount of venture capital investment last year than in 2016, according to a report by Innovate Finance, the British fintech trade body.

The firms raised a total of $1.8 billion (£1.29 billion) in venture capital investment in 2017, up more than 150% from $704 million (£505 million) the previous year.

That surge contrasted with an 18% drop in fintech investments to $14.4 billion, and pushed the UK ahead of China to take second place worldwide behind the USA.

By Thomas Colson.

Full story at Yahoo News.