Fintech investment is on the rise worldwide and Europe is driving it forward, according to a new report by Accenture.

Global investment in financial-technology ventures tripled to $12.2 billion in 2014, from $4.05 billion the previous year, according to new research by Accenture.

Growth of fintech investment overtook that of overall venture capital investment by more than threefold last year, according to the report.

Europe steered the acceleration, recording a growth of 215 per cent to $1.48 billion of fintech investment in 2014, with the UK and Ireland accounting for over 40 per cent of the region's total. Investments in the UK and Ireland soared by 136 per cent over the course of the year.  

While the US continued to dominate investment streams into the booming sector, Nordic countries and the Netherlands experienced a noteworthy $345 million and $306 million of investment respectively.

β€œThe massive investment in fintech shows that the digital revolution is well advanced in financial services, and it is both a threat and an opportunity for banks,” said Julian Skan, Accenture's managing director overseeing the FinTech Innovation Lab London.

β€œFintech is empowering new competitors and start-ups to move into parts of the banking business but, paradoxically, it is also helping banks to create better, more convenient products and services for their clients. It is also leading to increased cooperation between traditional banks and innovative start-ups and technology businesses in a way that can result in totally new business models and revenue streams.”

The report highlights the need for banks to prioritise investments in technology in order to enhance the work they do with innovative start-ups and meet ever-rising demands of the digital age.

Accenture based its analysis on fintech investment data from global venture-finance data and analytics firm CB Insights. Last year, Accenture launched the FinTech Innovation Lab Asia-Pacific in Hong Kong and the FinTech Innovation Lab Dublin in Ireland to support early-stage companies developing technologies for the financial services sector.