France and Sweden are scooping up a bigger share of Europe’s fintech deals since Brexit

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France and Sweden’s share of financial technology deals in Europe has grown since Britons voted to leave the EU in June last year, according to research firm CB Insights.

France’s share of venture capital transactions has increased by five percentage points since 2014, to 11% so far this year. Sweden’s take has risen three percentage points over that time, to 12%.

European technology companies that specialize in finance have raised $2.6 billion from VC firms in 2017, already surpassing the previous annual record and doubling the amount raised in 2013, according to CB Insights. Fintech fundraising is on track to surpass $4 billion for the full year, the data provider says.

Although the UK is still the leader in Europe’s fintech sector, its dominance is diminishing. One major concern among British startups is restricted access to the European Investment Fund, an important source of venture capital run by the EU, which has reportedly given priority to companies elsewhere in the EU following the Brexit vote.