Survey: Two-Thirds of UK Businesses Are Embracing FinTech

Survey: Two-Thirds of UK Businesses Are Embracing FinTech

Nearly two-thirds (65%) of businesses in the United Kingdom have adopted at least one fintech application, and it is allowing them to save more than £5,500 per year on average, according to a recent survey by London-based invoicing company MarketInvoice.

If the results can be extrapolated to the 5.5 million companies operating in the country, this would equate to some £4.9 billion in savings per year, the company noted.

The most popular use for fintech, according to 32% of respondents, is connecting with online lenders. The surveyed companies are using such services both to receive business loans and for invoice financing. Next in line (with 24% of respondents) was cloud-based accounting software followed by banking transactions (23%) and foreign exchange services (16%).

Among all uses, almost one-fifth (19%) of UK businesses can be consider very heavy adopters, meaning that they have adopted at least four fintech applications.

Another 11% are venturing out even further, responding that they have accepted bitcoin or a similar cryptocurrency payments within the past year. Among the companies that have yet to jump on the cryptocurrency bandwagon, more than one-fifth (21%) say the plan to accept such payments within the next year.

The MarketInsight survey polled 3,000 companies, through online channels and by email, in the United Kingdom in August and September.

(Photo credit: Mediamodifier / Pixabay)

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