Although London is still maintaining a sizeable lead, Paris and Berlin are fast catching up. The gap could narrow down significantly in case of a cliffhanger Brexit.

Data from PitchBook, a funding database, shows that despite Brexit, London has managed to cling on to the title of the top destination for technology investments in 2018 in Europe.

Technology companies in London have attracted $2.3 billion (1.8 billion pounds) in venture capital funding, of which 72% was raised by UK tech businesses, showed the data,

According to Eileen Burbidge, a partner at Passion Capital, a venture capital firm, London was the leading hub for financial technology thanks to its position as one of the world’s biggest financial centers; universities in the country have also helped create companies that offer advances in artificial intelligence (AI).

“We get a lot of calls and inquiries from investors in the U.S. and Asia looking for fintech opportunities,” said Burbidge. “In fintech, AI and a few other sectors such as life sciences and robotics, London genuinely leads the world.”

London’s mayor Sadiq Khan as well as London’s tech sector have warned that Brexit could damage London’s appeal as a global financial centre. However, there were no signs of this happening yet, said Burbidge beyond the fact that companies are asking many more questions when looking to hire from abroad.

Significantly, the data shows, Berlin and Paris have gained ground against London in the race for funds across Europe and that London failed to match the funding levels it attracted in 2017; the gap is however still significant.

Berlin has attracted 937 million pounds of investment in 2018, nearly double the amount of the previous year; Paris has attracted 797 million pounds as French President Emmanuel Macron stepped up his promotion of the country.

In Britain as a whole, investment in AI rose 47% to 736 million pounds while 1.2 billion pounds went into the booming fintech sector and companies such as digital banks Revolut and Monzo.

Total venture capital funding in European tech slipped slightly in 2018, with 10.44 billion pounds raised, against 10.47 billion pounds in 2017.

($1 = 0.7848 pounds)