Boris Johnson’s government has stepped up its efforts to get more tech firms to list in London by hosting an online forum to persuade companies to IPO in the UK.
Swedish buy now later giant Klarna was the only foreign firm on the call ahead of a listing later this year that is forecast will value the group at US$45bn, with a host of fast-growing British start-ups also invited.
Payments group Checkout.com, bank OakNorth; and Zepz, a money transfer business, all dialled in according to the Telegraph.
The event was hosted by Chris Philip, Digital Secretary, and John Glen, the Economic Secretary to the Treasury after Johnson had to pull out due to the Partygate scandal.
Britain is lagging a long way behind the US as a destination for tech businesses, with changes to the listing rules for companies listing via a Special Acquisition or SPAC route already introduced to help encourage more to come to London and not New York.
However, some say the problem lies with the City itself, which has been described as toxic for companies with high valuations and in the relatively early stage of their development.
Several tech companies that have braved a London listing, such as Deliveroo and THG, have slumped since their debuts adding to concerns there is a cultural problem.
After the meeting, Philp said the City had issues that it needed to address.
“UK financial institutions need to embrace the long term opportunities. They generate superior returns and are letting down their pension holders by not investing in these companies.”
More changes to listing rules are said to be under consideration including making it easier for pension funds to invest in early-stage tech companies.