The UK is now home to over 70 tech unicorns, having created more than one billion-dollar company every month in the last year.
Britain has more than double the amount of unicorns as the next highest-ranking European country, and comes third globally to the US and China, according to data from Tech Nation and Dealroom.
However London now has more fintech unicorns than San Francisco, the previous world leader, thanks to new entrants such as Greensill and Checkout.com.
“We are one of the best places in the world to start and grow a tech business and this new data shows the success is bringing good jobs and helping spread prosperity across the country,” said digital secretary Jeremy Wright.
Research published by the government’s Digital Economy Council revealed that while London remains a hub for the UK’s digital economy, the tech sector is beginning to spread into new areas.