London is at risk of losing its supremacy in the fintech sector to New York, the UK chief executive of Revolut has warned.
Francesca Carlesi said on April 15 that the prospect of losing talent to the US was the "biggest threat" for Britain's fintech sector, which has been hit by a drop-off in investment in recent years .
Speaking at London's Innovate Finance Global Summit, Ms Carlesi said: "Right now there is a bit of a risk posed by New York . It's not just about listing, it's about talent.
"New York is probably the only other city in the world with the same concentration of human capital in financial services. So that's where I see the biggest threat."
Her comments came as a Revolut shareholder increased its stake in the business by 45pc, in a sign that investors are regaining confidence in the fintech sector.
Schroders Capital Innovation Trust revealed in its 2023 annual report that it now values its stake in Revolut at £7.8m, up from £5.4m in 2022.
The write-up implies that Revolut has an overall valuation of roughly $25.7bn (£20.7bn), up from $17.7bn a year earlier.
However, the markup does signal a turnaround in a sector that has been hit by falling valuations in recent years.
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