The Tide account is intended to provide small businesses and entrepreneurs with a range of time-saving and cost-cutting tools, and redirect effort towards growing their business. Unicorn startup Revolut operates a challenger bank which offers a range of digital banking services through a mobile app. It also offers internal processing solutions as well as connection to payment schemes clearing. Funds raised: £64.5mFounded: April 2018Location: LondonOther triggers met: Debt fundraising. The UK fintech sector has retained its role as the top-ranking investment destination in Europe, with $4.1bn invested across a total of 408 deals in 2020. The mentioned amount was invested across a total of 408 deals last year. Everyday banking services can be undertaken through the Tide app, with application for an account taking as little as five minutes. In March 2020 Thought Machine secured £64.7m in equity fundraising led by Draper Esprit, with contributions from Backed VC IQ Capital Fund, Playfair Capital and Lloyds Banking Group. The company reviews applications remotely, processing claims in around 24 hours. Paymentsense processes over 250 million transactions per year, totalling over £10b worth of sales. portalId: '329016', Usually, LendInvest loans are sought by SMEs as they tend to seek flexible short-term finance to develop or renovate their property projects. The company of the same name now also builds software to help businesses to accept them. The company also offers a number of open-source APIs from their website that can be used by developers to create bitcoin apps. Rapyd’s local payment processing system helps businesses to facilitate cross-border e-commerce transactions. This is because Prodigy Finance’s unique credit model assesses applicants based on their future earning potential, rather than their credit history. portalId: '329016', Habito has climbed five positions this year, following a £35.0m equity and loan fundraising in August 2020—invested by Atomico, Augmentum Fintech, the Future Fund, Moio Capital, Mosaic Ventures, Ribbit Capital, and SBI Insurance Group. Habito also has its own range of products, from mortgages to life insurance. The bank is targeted specifically towards UK SMEs, offering account holders saving accounts, commercial mortgages, asset finance, and the expertise of a local relationship manager. Whilst Tide is not a bank, the Tide current account is powered by Prepay Solutions, which has FCA authorisation. A minimum investment amount of £500 is required, with Moneyfarm advising its investors to have £2,500 in their account to ensure a good mix of investments in their portfolio. For instance, one year fixed savings accounts offer 1.5% annual interest. Although globally the UK came second to only the US in total capital raised, investment in British FinTech dropped 9 per cent, perhaps an expected outcome given the impact of the coronavirus pandemic. formId: '78e25dfd-55c4-4393-a82a-314f235760d6', Whilst there is no limit on how many transactions businesses can undertake, there are limits on the maximum amount that can be collected in one payment. A key feature of Tide, which small businesses benefit from in particular, is the lack of monthly or annual fees. Loans are also usually split into two tranches, A and B, with Tranche B loans being more risky and thus attracting a higher return than Tranche A loans. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. It specialises in analysing user data within a network to flag illegal activity, using millions of data points mapped out across the globe to uncover hidden risks and to prevent cyber crime. Users can open one of three accounts with Revolut: a free Standard account, a £6.99/month Premium account or £12.99/month Metal account. Funds raised: £164mFounded: February 2012Location: LondonOther triggers met: High-growth list, Scaleup. }); jQuery(function(){ The company has secured numerous achievements. Transactions are also automatically categorised, ensuring accounting records for specific types of purchases can be easily kept. hbspt.forms.create({ True Layer makes all this possible with both their data and payment APIs, allowing companies to access this information in a secure and efficient way. Users can also apply for bank overdrafts in-app, with interest of 15% EAR charged on amounts borrowed. operates a challenger bank which offers a range of digital banking services through a mobile app. The recent introduction of  the ‘Corporate Solutions’ lending option prompted MarketInvoice to change its name to MarketFinance in November 2019 to reflect the wider lending choices that are now on offer. Following the 2008 financial crisis, traditional lending became increasingly lengthy and uncertain for SMEs. Data from Innovate Finance published on 20 January showed the UK ranked second globally for funding last year, behind the US at $22bn. Truelayer was featured in the high-growth list Fintech 50 in both 2019 and 2020, along with the London Tech 50 in 2020. Digital Shadows has dual headquarters in London and San Francisco. Funds are typically repaid in 4-12 months. One main benefit that students gain from a Prodigy Finance loan is that neither a co-signer or collateral are required. has developed software that allows businesses to process their payments online in multiple currencies. Funds raised: £123mFounded: May 2016Location: LondonOther triggers met: High-growth list. The platform also  eases banks’ client onboarding processes, by creating real-time customer records that can be easily accessed. Day One help to make training faster, more enjoyable and more effective by creating true-to-life system simulations. Pollinate aims to be a ‘one stop shop’ for SMEs, offering financing options, marketing tools, and facilitating payments. Funds raised: £89mFounded: March 2011Location: LondonOther triggers met: Accelerator attendance, Scaleup. Funds raised: £146mFounded: August 2006Location: LondonOther triggers met: Accelerator attendance, High-growth list, Scaleup. provides small business finance in the form of a Business Cash Advance, which is subsequently repaid as a pre-agreed percentage of their customers’ credit and debit card transactions. Checkout.com’s unified payments platform helps to manage every stage of the payment process. provides an online database that details information on individuals and organisations associated with financial crime, such as money laundering and financing terrorism. Nutmeg’s wealth management process consists of three stages. Paddle is an all-in-one revenue delivery platform, aiming to help companies—particularly in the SaaS sector—scale and grow. Its most recent fundraising amounted to £24.4m in December 2020, invested by Cipio Partners, Notion Capital, Sage, and Verdane Capital. and most recently reported a turnover of £18.6m. Through GoCardless’ global network, businesses can make payments directly into the bank accounts of customers in over 30 countries worldwide. delivers face-to-face and virtual payment solutions to over 70,000 small businesses in the UK and Ireland. cssRequired: '', Additionally, Zopa calculates personalised rates for a loan using a ‘soft’ credit check, which gives lenders a window into a borrower’s debt history without impacting their credit history. https://www.dayonetech.com/solutions/finance-elearning. Most of these 1,139 fintechs are in the seed (45%) and venture (34%) stages of evolution, indicating that this is a burgeoning sector with plenty of room for growth. In March 2020 Thought Machine secured £64.7m in equity fundraising led by Draper Esprit, with contributions from Backed VC IQ Capital Fund, Playfair Capital and Lloyds Banking Group. According to data from Innovate Finance, the UK fintech sector attracted record investment of $4.9 billion in 2019, surpassing the $3.6 billion from 2018. Data is then reviewed manually, but the preceding processes enables results to be updated in minutes as opposed to months. Funds raised: £54.5mFounded: May 2015Location: LondonOther triggers met: High-growth list. Checkout.com places a strong emphasis on security and implements a machine learning model trained to identify potentially risky transactions. develops software which aims to improve merchant acquiring for banks by integrating into their current systems, and provides merchants with digital tools and insights into their business. The UK has once again been named the top destination for capital in Europe, hitting $4.1 billion (£2.9 billion) total investment across 408 deals, according to 2020 figures from Innovate Finance. Funds raised: £77.1mFounded: March 2014Location: LondonOther triggers met: Accelerator attendance, High-growth list. Funds raised: £63mFounded: June 2012Location: NewcastleOther triggers met: High-growth list. Premium and Metal account holders are also able to instantly exchange any 30 currencies directly into 5 cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. Today the fintech industry body released figures for global fintech investing, which show the UK fintech sector remains on top in Europe and second only to the US globally. Using TrueLayer, developers can quickly meet security requirements, comply with their regulatory obligations, and gain access to data and payments, allowing them to focus their resources on developing innovative products and services. submitButtonClass: 'text-black active-color-yellow border-transparent long-100', Funds raised: £59.8mFounded: October 2013Location: LondonOther triggers met: Accelerator attendance, Scaleup, Grant received, High-growth list. Funds raised: £84.6mFounded: July 2013Location: LondonOther triggers met: Accelerator attendance, High-growth list. is a digital investment and wealth management firm. cssClass: 'book-demo-popup', offers financing alternatives to online retailers, allowing them to offer their customers more affordable purchase terms. Paymentsense provides a range of face-to-face card payment machines: specifically countertop, portable and mobile card machines. (rebranded from Marketinvoice in November 2019) is a fintech funder which provides quick and easy funding solutions for businesses. Necessary cookies are absolutely essential for the website to function properly. Moneybox featured on LinkedIn Top Startups UK in 2020, and in the same year secured the seventh spot on Deloitte’s Fast 50—growing its revenue at an average rate of 5,270% over the past four years. According to its website, the technology is now used by over 10,000 firms worldwide. A key selling point of Habito is that it doesn’t charge customers any fees for the mortgages it arranges: instead, it makes its money purely through the procurement fee paid by the lender. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance. Funds raised: £482mFounded: July 2013Location: DurhamOther triggers met: Accelerator attendance,Scale-up, High-growth list, Grant received. Moneyfarm places a large focus on providing customised investment portfolios to its clients, which they can easily access digitally. Funds raised: £100mFounded: May 2018Location: LondonOther triggers met: –. The company traded under the name ‘CivilisedBank’ until December 2018, when it was rebranded as Allica Bank to reflect the bank’s repositioning as a digital-first offering. ezbob developed Catalyst+, a multi-purpose, modular lending software which uses open banking to run its lending-based platform. Atom has opted to diverge away from providing current accounts, instead offering savings accounts, mortgages and business loans to its customers. Atom now has over 100 current employees and was valued at £150 million before it launched. Funds raised: £276mFounded: August 2005Location: LondonOther triggers met: Accelerator attendance, Scaleup, High-growth list. Allica Bank operates a branchless bank targeted at both businesses and consumers, ran through an online banking platform and a network of local bankers. Innovate Finance, an industry body representing UK FinTech, has released investment figures for the global FinTech sector in 2020 that reinforce the UK’s position as a global and European leader. Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. Whilst initially launched and authorised in London, Currencycloud is also fully authorised and regulated in the EU, USA and Canada. Businesses can apply for a loan ranging from £1,000 – £200,000, with early-stage startups restricted to a maximum credit limit of £10,000. In 2018, Forrester named the company as a Leader in Digital Risk Protection. hbspt.forms.create({ Bonds are issued to investors on the Irish stock exchange, with a quarterly coupon payment, consisting of principal and interest, as students repay their loans. A key feature of iwoca’s business is the ability for its technology to quickly and fairly assess the risk of a small business applying for a loan. The idea behind Monese was devised by the company’s founder Norris Koppel, after he encountered difficulties when he moved to the UK from Estonia. Investors include Goldman Sachs and Bain Capital. These cookies will be stored in your browser only with your consent. is an app through which employees can access their pro-rata earnings whenever they need them, rather than wait for a monthly salary payment. hbspt.forms.create({ is a lending-as-a-service (LaaS) provider, offering digital lending solutions to lenders such as banks and financial institutions. LendInvest operates an online peer-to-peer lending marketplace for property financing and investing. Of those 1,373 companies that are still active and operating in the private market, 71% are based in London—mainly the City of London and Westminster. The payment system can be accessed via the Azimo website, or its app. Headquartered in London, the company has over 2,500 employees across the world. Since 2017, Sonovate has funded almost £1b of invoices for recruitment agencies, consultancies and on-demand vendors in 39 countries. Based in London, Blockchain was founded as a company in 2011 and is now a fundamental part of the Bitcoin and broader cryptocurrency revolution. To date, Sonovate has secured a whopping £144m in investment. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. ClearBank operates a clearing bank using cloud technology, serving the UK banking industry. Quantexa, one of the fastest-growing companies in the UK of 2020, is a cybersecurity firm that develops technology using artificial intelligence and big data software. Described by founder Nick Ogden as a ‘bank for banks’ ClearBank has two main functions. The Air Card reader accepts a variety of payment types including contactless, chip & pin, Google Pay and Apple Pay, giving customers flexibility. Ant Financial and its affiliates offer services in wealth management, credit reporting, … Moving forward, Primary Bid will be investing into making new hires, developing its technology, growing partnerships and expanding internationally. Through its brands GetBucks, GetSure, New Finance Bank, and Fairgo Finance, the company offers impact loans, unsecured credit, banking solutions as well as insurance products to customers. Checkout.com processes 150 different currencies and offers direct access to all major international cards whilst also accepting popular local payment methods. Funds raised: £297mFounded: April 2012Location: LondonOther triggers met: Accelerator attendance, High-growth list. Cloud Service Management Software - DivvyCloud CMP, Interview with Scenario & Simulation Training Expert, Andy Cottier, Angoss Predictive Analytics Software & Business Intelligence Systems, Green Web Hosting Companies – the Top, Genuinely Eco-Friendly Website Hosts, Spreadsheet & Excel Expert Interview – Dr Chris Roast, Data Science Tools from IBM Watson Studio. Home Blog Top 50 Fintech Startups and Scaleups in the UK 2021, Category: Business funding & investment, Scaleups, Tech & innovation. The company was founded in 2010, and by mid-2018, it had facilitated £3.8 billion of lending to 39,000 UK businesses. In the last few years, the growth of fintech investments in the UK may be slow, but in the year 2019 UK addressed an investment hype by 25% i.e. This money has been earmarked to help the company expand into new markets across Europe and Asia. The company is a mortgage lender that operates entirely online—the first of this kind in the UK. Mortgage repayments can be monitored in real-time through the app. Funds raised: £280mFounded: December 2016Location: LondonOther triggers met: Accelerator attendance, High-growth list. These are some of the top fintech companies … Trussle as a result have signed big deals with Zopa, … To spend from a specific card, users must activate it through the Curve app, with the card then being active and able to be used. For instance, Curve users are only charged the market currency exchange rate when purchasing items overseas, saving up to 5% on exchange fees usually charged by major banks. Up to 10 cards can be issued, with interest rates as low as 9.9%. These ambitious and innovative companies are driving real change for consumers and businesses alike. Headquartered in London. Blockchain backers include Virgin’s Sir Richard Branson. The total amount due is repaid as a pre-agreed percentage of each debit or credit card payment the applicant receives from their customers. Using TrueLayer, developers can quickly meet security requirements, comply with their regulatory obligations, and gain access to data and payments, allowing them to focus their resources on developing innovative products and services. Blockchain has developed a range of products enabling users to exchange and transact cryptocurrencies (including bitcoin and ether), search and verify transactions, and analyse bitcoin prices, news and information. The raise was led by Insight Partners with participation from Augmentum Fintech and existing investors, Kennet Partners and the Canadian Imperial Bank of Commerce. Founded in 2011, this fintech company in London now enables £500 million of global money transfers each month. Monzo currently has over 3 million users and is fully authorised and regulated by the PRA and FCA. Since launching, LendInvest has facilitated over £1.5b in property loans to borrowers, resulting in the construction and renovation of over 50,000 properties across the UK. The total amount raised by Receipt Bank now stands at £113m. In 2020 the company launched a variety of additional features, such as a personal pension saving service and a “pension detective” service which tracks down old pension pots. Azimo has developed an online payment processing system that allows individuals to send money internationally in over 200 countries to bank accounts, mobile phones or cash pick-up locations. These top fintech companies in the UK are pushing the boundaries of money management, lending and business financing. This demand grew throughout COVID-19, as the number of institutional deals slowed and companies looked further afield to find investment opportunities. This varies based on region; for example, a maximum of £5k can be collected from UK customers. Funds raised: £314mFounded: December 2009Location: LondonOther triggers met: Accelerator attendance, Scale-up, High-growth list. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. To date, it employs just over 50 employees in offices in Manchester, Melbourne, and Sydney. develops an online platform that allows private investors to purchase shares in publicly traded companies, targeting the market of ‘retail’ instead of ‘professional’ or institutional investors. Monzo currently has over 3 million users and is fully authorised and regulated by the PRA and FCA. Finally, Nutmeg’s wealth management experts build a suitable portfolio based on the investment goals and desired investment style. Overall, the company has raised £48.5m across seven rounds. Starling Bank offers four main accounts: personal, joint, business and Euro. Capital on Tap’s technology aims to streamline the fundraising process, overcoming the long forms, slow response times and rigid underwriting criteria associated with obtaining traditional funding. Curve is currently available in 31 countries across the European Economic Area. Challenger bank Revolut has claimed first place in a list of the UK’s top 100 startups of 2019, it was revealed today. This article showcases our top picks for the best The UK based Fintech (Financial Technology) companies. ComplyAdvantage provides an online database that details information on individuals and organisations associated with financial crime, such as money laundering and financing terrorism. WorldRemit operates an online money transferring service, which allows users in 50 countries to send money to recipients in 150 countries. Described by founder Nick Ogden as a ‘bank for banks’ ClearBank has two main functions. Receipt Bank develops accounting software that allows users to save and edit scanned invoices, bills and receipts through a mobile app. Funds raised: £71.7mFounded: March 2014Location: LondonOther triggers met: Accelerator attendance, Debt fundraising, High-growth list. —the only company in the top ten based outside of London. (including bitcoin and ether), search and verify transactions, and analyse bitcoin prices, news and information. According to its website, the technology is now used by over 10,000 firms worldwide. Available accounts include investment ISAs, Lifetime ISAs, Personal Pension accounts, and more. Monzo offers its customers a current account with no monthly fees and a prepaid Mastercard debit card. formId: '78e25dfd-55c4-4393-a82a-314f235760d6', It has attended both the Microsoft ScaleUp (London) accelerator and. As it launches its next generation bank, Zopa’s ambition is to provide simple, fair products that are easy to manage and using its technology to provide a bank that’s  fit for the future. The SaaS fintech has climbed straight to 31st place following a large equity investment of £70.0m in September 2020. Firstly, investors set the amount of investment they would like to make and their risk preference, to form an overall investment goal. Curve is currently available in 31 countries across the European Economic Area. Monzo also provides ‘Savings Pots’ that act as savings accounts, with users able to earn up to 1.4% AER on fixed savings. }); For the second year running, we’re profiling the top 50 startups and scaleups in the UK’s fintech industry, ranked in order of the amount of funds raised to date. Moving forward, Primary Bid will be investing into making new hires, developing its technology, growing partnerships and expanding internationally. It also accepts a variety of different payment methods, with direct access to Visa, Mastercard, American Express as well as popular alternative and local payment methods. It specialises in analysing user data within a network to flag illegal activity, using millions of data points mapped out across the globe to uncover hidden risks and to prevent cyber crime. Currently, it only offers Buy-to-let mortgages to individuals, and only operates in England and Wales. is a fully licenced challenger bank, offering users several benefits such as instant notifications on spend and income, tools to identify spending habits and 24/7 support. The scalable repayment plan is designed to assist with cash flow for businesses still in the earlier stages of growth. formId: '32db1b97-c7ce-413f-ab65-ed4f7fddf7cf', Prodigy Finance offers the opportunity for professional or high net worth individuals to invest in loans. The feed can also include enriched transaction data such as receipts, which can be captured within the app itself. MarketFinance’s most recent Corporate Solutions option provides larger SMEs, who have turnovers of £5m-£50m, with up to £5m. enables companies to capitalise on new Open Banking initiatives in the UK, and the broader, European wide PSD2 rules, by providing secure, clear and simple access to banking infrastructure. In order to transfer money quickly, Azimo holds funds in a number of currencies around the world, ensuring that funds are instantly available when requested. operates a banking and expenses app for businesses. The company is planning to use this money to expand into the United States, Australia and Japan. jQuery(function(){ Rapyd Disburse simplifies cross-border payouts, enabling businesses to pay workers, customers and vendors across different international markets. Users can each have their own individual card and spending limits, but all expenses feed into a central account overseen by the employer. This reversibility aims to rectify any issues caused by making payment with the wrong card. In 2015, it became the first mobile-only bank to be licensed by the Bank of England. Once all of a users’ accounts are connected to the app, Tandem examines day-to-day spending, bills and standing orders to advise users on their spending. OakNorth was initially created with the aim of providing a ‘bank for entrepreneurs by entrepreneurs’ and is one of the most active lenders in the UK today. operates a digital-only banking service, with all its services provided through its app. Zopa is a global peer-to-peer lender, and has now launched a digital bank. Paddle aims to remove the friction for scaling SaaS companies by running everyday tasks and removing complexities. Based near Leeds in West Yorkshire, Day One’s clients have included the likes of Lloyds, Halifax, Co-operative Bank and TSB. They also offer Eurozone accounts and cards, which users can have in tandem with their UK account. We also use third-party cookies that help us analyze and understand how you use this website. Funds raised: £329mFounded: November 2010Location: LondonOther triggers met: Scale-up, High-growth list. These existing systems can take months to review and update data, which results in false-positives and allows recently sanctioned entities to slip through the net. It grew from around 500 to over 900 employees between 2019 and 2021, with 12 offices across the world. Based in Durham, Atom Bank is first bank in the UK to run entirely run via a mobile app. 10x Banking’s client data is also highly secure with built-in risk analytics capabilities and encrypted data. Checkout.com processes 150 different currencies and offers direct access to all major international cards whilst also accepting popular local payment methods. The company was born out of the idea to change this, and has simplified the process by providing upfront funding against unpaid invoices. In November 2018, Thought Machine partnered with Lloyds Banking Group in return for an £11m investment, which came as part of a wider £18m funding round. Here are the top 11 fintech companies in London to keep an eye on. In 2020 Azimo launched in Australia and partnered with Siam Commercial bank to facilitate money transfers to Europe. In 2020 the company reached £1b in total assets under management. It stopped its direct lending practices in 2017, however, to focus on providing solutions for lenders. Nutmeg is a digital investment and wealth management firm. Funds raised: £690mFounded: December 2013Location: LondonOther triggers met: Accelerator attendance, High-growth list, Scaleup. 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