Venture capital investment in UK fintech firms has slumped by nearly 40% in the first half of this year, with investors largely using their cash to fund well-established firms amid the coronavirus crisis.

There were 167 deals worth $1.84bn during the first six months of 2020, according to figures from UK fintech industry body Innovate Finance. This is a 39% drop in the same period last year, with over half of the funding going to big companies in deals worth over $100m.