Funds raised: £113mFounded: August 2010Location: LondonOther triggers met: Debt funding, accelerator attendance, high-growth list. Without any UK credit history or proof of address in the form of utility bills, he was ineligible for a bank account via traditional means, making it near impossible to receive his salary or rent an apartment. Since then, the company has expanded into the corporate market with Azimo Business. 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. Onfido was founded in 2012 and has since raised $182 million to date. Thirdly, Atom’s business loans are offered to Limited companies, Limited Liability Partnerships, and Sole traders, with a maximum loan-to-value of 75% offered for commercial property investments. Based in Durham, Atom Bank is first bank in the UK to run entirely run via a mobile app. Next, investors choose how they would like their money to be invested. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader. Tandem offers two credit cards: a ‘Journey Credit Card’ and a ‘Tandem Cashback Credit Card,’ which both boast no fees for payments or cash withdrawals while abroad. MarketFinance offers three lending options to businesses, including unsecured business loans of up to £250,000, over a 1-3 year term. Its salary-linked employee benefits are designed to help employees manage their debt, develop wise savings habits and gain access to earned pay. Since the introduction of the EU’s Second Payment Services Directive (PSD2) in January 2018, open banking has revolutionised the way millions of people manage their finances and use their data. }); jQuery(function(){ }); Habito also has its own range of products, from mortgages to life insurance. While TransferWise is a digital payments company like Paypal or Stripe, its main selling point is sending money abroad, with users able to lock in a favourable exchange rate for 24-48 hours. Get access to unrivalled data on all the companies you need to know about, so you can approach the right companies at the right time. 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. Curve users also benefit from intelligent fraud protection, with instant alerts received and the user’s app locked whenever a fraudulent payment is detected. 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. Funds raised: £146mFounded: August 2006Location: LondonOther triggers met: Accelerator attendance, High-growth list, Scaleup. To apply for a credit card, businesses must have a trading history of at least 12 months and an annual turnover of at least £24k. The mentioned amount was invested across a total of 408 deals last year. operates an online peer-to-peer lending marketplace for property financing and investing. Its platform consists of four main applications. The SaaS sector has seen meteoric growth over the past decade, but payment, compliance, and data governance infrastructure has struggled to match its pace. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. Both individual investors and institutional investors are able to invest in property-backed loans through LendInvest. 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. Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. Investors in this most recent fundraising round were Kindred Capital VC, 83North, FTV Capital, and Notion Capital. This website uses cookies to improve your experience. develops accounting software that allows users to save and edit scanned invoices, bills and receipts through a mobile app. ‘ezbob smart onboarding’ ensures that users’ personal, banking and business details can be obtained through a streamlined mobile user interface. It has attended both the Microsoft ScaleUp (London) accelerator and Tech Nation’s Future Fifty accelerator. The company was founded in 2010, and by mid-2018, it had facilitated £3.8 billion of lending to 39,000 UK businesses. Businesses are also able to collect payments in their customers’ currency, yet settle in the business’ own country using the real exchange-rate. Quantexa now employs over 250 people with offices in London, New York, Boston, Canada, Belgium and Sydney. Moneyfarm places a large focus on providing customised investment portfolios to its clients, which they can easily access digitally. Up to 10 cards can be issued, with interest rates as low as 9.9%. Investors receive interest on their loans every month, with interest calculated daily. Habito is both a mortgage broker and a lender, enabling consumers to compare, apply for, and track the progress of their mortgages centrally via the Habito website. Monzo offers a number of other unique banking services and features. 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. Paddle aims to remove the friction for scaling SaaS companies by running everyday tasks and removing complexities. All three of these functions can be connected to Rapyd Wallet, which acts as a personal financial hub for users. As the original, global cryptocurrency company, Blockchain has been playing a major role in shaping the future of Finance in the UK and worldwide. Liberis 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. It provides opportunities for individuals, corporates and financial service institutions to invest in property-backed loans to property investors and developers. Any list of top UK fintech companies must include Blockchain as it’s the digital currency backbone that provides the foundational technology for Bitcoin and other cryptocurrencies. Their product offering includes: Wallet, an app through which users can send, receive, store and trade cryptocurrencies; The PIT, an advanced crypto currency exchange platform through which users can trade cryptocurrencies at greater speeds; Blockchain Markets, a platform or ‘portal’ through which users can trade and store cryptocurrencies, and explore the crypto market; and Lockbox, a crypto hardware wallet that can also be used as a security key and a means to authorise transactions. Funds raised: £157mFounded: July 2013Location: LondonOther triggers met: Scaleup, High-growth list. The Newcastle-based business recently appeared in the top 3 of Deloitte’s Fast 50 2019 high growth list, and then went on to. Funds raised: £62.1mFounded: May 2007Location: BristolOther triggers met: Scaleup, Grant received, Debt fundraising. Notable companies such as Revolut, Visa and Starling Bank, for instance, utilise the Currencycloud platform. The Tandem App is available on iOS and Android and offers its users money management assistance. 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. Monese has developed a mobile app that allows those who might typically struggle to open a bank account—due to lack of credit history, proof of address or guaranteed regular income—to do so quickly and easily. 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. cssClass: 'book-demo-popup', The software can integrate with the employer’s accounting system via an API, which sends transactions daily via an automatic bank feed. Nutmeg’s customers are able to easily monitor and update their investment preferences using Nutmeg’s online platform, which can also be accessed through smartphone apps. develops security software for the financial services sector. Day One help to make training faster, more enjoyable and more effective by creating true-to-life system simulations. develops a platform that allows companies to make and receive recurring payments through direct debit. Funding Circle works to speed up and streamline the borrowing process to help businesses expand, hire staff and boost their cash flow, with unsecured loans of £5k to £500k. The latest banking products sit alongside its wider suite of products including P2P investments, unsecured personal loans and secured car finance. WorldRemit operates an online money transferring service, which allows users in 50 countries to send money to recipients in 150 countries. Due to the simplicity of GoCardless’ dashboard, the platform can be used by a wide range of businesses who collect recurring payments – often from overseas—including emerging startups and multinational corporations. The United Kingdom is currently one of the global leaders on the fintech market with $3.3 billion of investments provided in 2018. 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. 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. In this overview of top fintech startups, we have relied on the annual list of 50 fintech companies compiled by Forbes and our independent research. 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. Since 2017, Sonovate has funded almost £1b of invoices for recruitment agencies, consultancies and on-demand vendors in 39 countries. This is because Prodigy Finance’s unique credit model assesses applicants based on their future earning potential, rather than their credit history. The company secured an impressive £51.4m equity fundraising round in November 2020, in return for a 20.3% stake. Funds raised: £240mFounded: July 2010Location: LondonOther triggers met: Accelerator attendance, High-growth list. The UK has held on to its title of finetch capital of Europe, accounting for just under half of Europe’s fintech investment for 2020. Each portfolio is also ranked 1-7, with 1 being the least risky and 7 being the most. As well as accepting payments, it also provides administrative features by tracking sales and taxes, and a digital cashier by keeping track of cash payments and digital receipts. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. This category only includes cookies that ensures basic functionalities and security features of the website. App development outsourcing for financial technology companies; Top Fintech Startups in 2021: Industry, Location, and What They Do. Capital on Tap also offers business loans up to £50k with flexible repayment options and no monthly or annual fees. © Good Tech Guide 2020. has developed a payment processing system that allows sellers to process payments using smart devices. Using its database, companies can get a comprehensive understanding of the risky businesses they are working with, allowing them to conduct proper due diligence before deciding to work with a prospective client. Most of these options result in transfers arriving instantly, with door-to-door home deliveries operating 24/7, depending on location. ‘ezbob activation’ enables quicker processing of loans, with loan documents and transfers able to be quickly signed. cssRequired: '', Brightpearl’s US headquarters is in the heart of downtown Austin with a global headquarters in Bristol, UK. operates a platform through which international postgraduate students can receive loans for studying abroad. The countertop machine is designed for payments made at the till, the portable machine can process payments made within a 100-metre range from the till and the mobile machine uses SIM card and GPRS connection, enabling the machine to be used anywhere. The SaaS sector has seen meteoric growth over the past decade, but payment, compliance, and data governance infrastructure has struggled to match its pace. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. Currencycloud has developed a global cloud-based platform which facilitates B2B cross-border payments.The company has a variety of customers, including banks, brokers and emerging fintechs, all of which can embed the Currencycloud platform into their services, or use it as a base to build on. The raise was led by Insight Partners with participation from Augmentum Fintech and existing investors, Kennet Partners and the Canadian Imperial Bank of Commerce. Curve is currently available in 31 countries across the European Economic Area. There have been a number of successful companies in 2020. Catalyst+ facilitates easier integration of account information, thereby allowing lenders to access more data about prospective borrowers and make informed lending decisions. Brightpearl provides retailers and wholesalers with an entirely cloud-based, automated back-office solution. The digital platform is integrated with partners such as RightMove and Experian, and each step of the application is clearly signposted and transparently shown online. The UK, Europe’s FinTech capital, has seen a rise in the number of investments received along with the country of Germany. The company’s core product, Vault, provides a cloud-based end-to-end operating system, enabling banks to centrally manage a range of financial and banking products. Businesses are likely to qualify for a Business Cash Advance if they have been in business for over 4 months and process at least £2,500 of credit and debit card transactions a month from their customers. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. In July 2020 the company secured an additional £32.6m from British Patient Capital, Eurazeo, and SEB Venture Capital—taking the total raised up to £123m. It has attended both the Microsoft ScaleUp (London) accelerator and. OakNorth also provides a range of FSCS protected personal savings accounts to individuals, including fixed term, easy access and notice accounts. The company raised its most recent equity investment in September 2020, totalling £26.0m from Warwick Capital Partners. UK companies raised more money than deals in Germany, Sweden, France, Switzerland and the Netherlands combined. With employees receiving this financial assistance, employers can benefit from improved employee engagement, employee retention and productivity levels. This money has been earmarked to help the company expand into new markets across Europe and Asia. target: '#book-a-demo-target-2' Most of these 1,139 fintechs are in, the seed (45%) and venture (34%) stages of evolution. Most recently, The company appeared on the Fast Track Tech Track 100 in 2020, and The 2021 edition of The Regtech 100. 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. It offers businesses faster payment processing, by combining several separate payment technologies into one platform. It has also raised deposits from 175,000 savers, as well as being recognised on several high-growth lists such as Leap 100. The idea behind this is that if they automate back office processes, merchants can then spend their time and money growing their businesses. jQuery(function(){ Funds raised: £84.6mFounded: July 2013Location: LondonOther triggers met: Accelerator attendance, High-growth list. Through providing employees with greater control over their cash flow, Wagestream aims to eliminate the need for incurred overdraft fees, credit card debt and payday loans, and ultimately alleviate the financial stress caused by traditional pay cycles. Thirdly, the ‘Help to Save’ benefit helps employees earn working tax credits and other tax bonuses with Salary Finance ensuring the requisite savings are deducted from employees’ salary. Whilst Tide is not a bank, the Tide current account is powered by Prepay Solutions, which has FCA authorisation. Their technology uses combinations of photo-based identity documents and customer ‘selfies’ alongside their AI algorithms. Founded in 2013 by William Shu and Greg Orlowski, the company works with over 80,000 restaurants and takeaways and 60,000 riders. Comply Advantage has been named in numerous high growth lists, most recently the Deloitte Fast 50 in 2019 and the Fast Track Tech Track 100 in 2020. ‘Pay’ provides a range of flexible payment options, including cost effective local payouts to over 35 countries. Funds raised: £144mFounded: January 2011Location: LondonOther triggers met: Debt funding, scaleup, high-growth list. formId: '78e25dfd-55c4-4393-a82a-314f235760d6', In 2020 Pollinate formed a partnership with stakeholder Mastercard, deepening their product, business, and marketing collaboration, serving SMEs together across the world. This demand grew throughout COVID-19, as the number of institutional deals slowed and companies looked further afield to find investment opportunities. Tandem’s fixed savers bank account also offers competitive rates, with annual interest payments with terms ranging from 1-3 years. 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. provides financial wellbeing benefits to employees, whilst instilling financial education. operates a clearing bank using cloud technology, serving the UK banking industry. While they create solutions for a number of sectors, Day One Technologies are perhaps most notable for the work they have done in creating software training simulations for the financial services 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. Firstly, the ‘SumUp Air Card Reader’ processes card payments by being paired with a mobile device. Examples of applicants include students, freelancers, expats and foreign nationals. 10x Banking’s name is derived from their desire for their platform to provide banking services that are 10 times better than traditional banking methods; specifically 10 times better for the bank, its customers and for society. Allica Bank also offers personal saving accounts to individuals. formId: '32db1b97-c7ce-413f-ab65-ed4f7fddf7cf', The company is a mortgage lender that operates entirely online—the first of this kind in the UK. Monzo also has offices in Cardiff and London, with over 800 employees. 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. offers financing alternatives to online retailers, allowing them to offer their customers more affordable purchase terms. Capital on Tap develops an online service through which small businesses can receive access to credit. This demand grew throughout COVID-19, as the number of institutional deals slowed and companies looked further afield to find investment opportunities. Revolut also provides budgeting tools, such as the ability to set monthly spending budgets and open saving ‘Vaults,’ into which regular amounts of money are stored, once salary has been earned. The company also secured an additional £17.0m in loan fundraising from European Investment Bank in 2020, taking its total fundraising amount to £66.1m. The company received one of the largest fundraisings of October 2020, totalling £38.3m invested by ABN AMRO, Draper Esprit, Fidelity International, LSE, and previous investors Pentech and Outward Ventures. Secondly, Salary Finance offers employee loans through its ‘Borrow’ benefit. Monzo offers its customers a current account with no monthly fees and a prepaid Mastercard debit card. The company has offices across the world, including Ukraine, Hong Kong, and Sao Paulo, as well as New York and Tampa in the United States. In May 2020, Thought Machine announced it had been selected to join Mastercard Start Path—an industry collaboration which helps banks, merchants and startups to provide new technology solutions for the payments industry, and since then as partnered with companies such as Monese, Google Cloud, and GFT. A key feature of Tide, which small businesses benefit from in particular, is the lack of monthly or annual fees. This varies based on region; for example, a maximum of £5k can be collected from UK customers. The feed can also include enriched transaction data such as receipts, which can be captured within the app itself. These cookies do not store any personal information. Package, Soldo offers prepaid Mastercard cards linked to a maximum credit limit of £10,000 heart of downtown Austin a! 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