The UK’s largest financial technology businesses have grown to become standard bearers for the country’s entire start-up sector.
Businesses such as Revolut, TransferWise and Monzo have grown their valuations to billions of dollars and picked up millions of customers — but there’s an emerging series of smaller businesses hoping to also make it big.
Challenger banks may dominate the world of digital banking, but there are many more areas of finance which remain ripe for disruption.
Government-backed Tech Nation has announced a new cohort of 31 businesses which will form its new fintech programme and will receive mentoring and support in the hope that they can become so-called “unicorns” with billion dollar valuations.
The companies range from back-of-house compliance technology start-ups such as Automated Intelligence through to services like Just Move In, which aims to make moving house easier by handling the transfer of services like council tax, energy and broadband.
Other members of the cohort include Pikl, a specialist insurer made for people who rent out their homes on sites like Airbnb. Around 20pc of the businesses in the cohort are insurance technology companies, reflecting a recent boom in the number of companies in this field.
Another cohort member, Edinburgh-based ShareBook, is hoping to use its technology to help businesses go public, automatically advising them on the best prices for their shares.
Sixty per cent of the businesses in the cohort come from outside of London, showing that it’s not just a small part of the country’s capital which is home to promising financial technology start-ups.
Tech Nation has also released new data showing that the UK continues to lead Europe when it comes to investment into financial technology start-ups.
Around $2.5bn (£1.9bn) has been raised so far this year by businesses in this sector in the UK, compared to $1.09bn for German financial technology start-ups and $1.06bn for companies in France.
Liam Gray, Tech Nation’s fintech lead, said: "The UK fintech ecosystem is truly world leading and its strength is clearly demonstrated by the calibre of companies on this year’s Tech Nation Fintech programme. Our third cohort will officially introduce insurtechs to the programme, a sub-segment of fintech that has matured significantly in recent years.”
The full list:
- Auto Service Finance
- Automated Intelligence
- Aveni
- Balkerne
- BankBI Limited
- BankiFi Technology
- Caura
- Coincover
- Credas
- CreditEnable
- Datactics
- Flock
- FloodFlash
- IE Hub
- Just Move In
- Lightyear
- Maji
- Moneyshake
- Nivo
- Pikl
- Pomelo Pay
- Portify
- Proportunity
- SO-SURE
- SquareBook
- Streeva
- Uncapped
- Urban Jungle
- Vistalworks
- Wealthkernel
- Yapily
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