The European fintech industry has taken shape and is gradually maturing like in many other places across the world. Germany is one of those countries that have seen a growth in fintech, which is supported by the national financial regulator, BaFin. The industry reached $421 million in 2016 from $193 million in 2015, which is a 118% increase. Germany is also catching up to match the UK, which is among the best European fintech hubs as far as funding goes. In 2016, German fintech firms received more funding compared to those in the UK during both Q2 and Q3.