The cohort includes some of the UK’s most promising fintech startups and reflects major trends in the fast maturing fintech sector where the UK is an acknowledged global leader. The companies selected offer innovation right across the financial services sector from consumer solutions to business to business ventures, demonstrating how fintech has the potential to dramatically improve the provision of essential services like payment solutions and banking.
The variety and excellence of the selected companies is testimony to the strength and vigorous growth of the UK’s fintech sector, which is developing rapidly right across the nation. Seven of the 20 companies are based outside London, with their offices in Norwich, Edinburgh, Cardiff, Canterbury, Manchester and Bristol.
With capital invested in fintech reaching record highs in 2017 and poised to soar even higher this year, the fintech sector now boasts hundreds of startups keen to get a foothold in the financial services market. The Tech Nation Fintech programme is targeted at those rapidly growing early stage companies and is one of the key measures announced by HM Treasury in its Fintech Sector Strategy earlier in the year, to support the development sector at a national level.
John Glen MP, Economic Secretary to the Treasury said: “Our vibrant fintech sector continues to go from strength to strength, and it’s no wonder that UK fintech has received more investment so far this year than US fintech. I’m thrilled to see Tech Nation’s fintech programme launch with such a strong cohort of dynamic young companies – I have no doubt they’re destined for amazing things.”
The average age of the fintech companies chosen to join the programme is three years old. Just over half (12) are business-to-business startups, while four are B2B2C and four are hybrid B2B/B2B2C companies. The top 20 average £1 million in funding raised and £250,000 in yearly revenues. What’s perhaps most notable about the group is that 40% were founded or co-founded by women.
To read more on the wonder women taking fintech by storm, click here.
Eileen Burbidge, Chair of Tech Nation, HM Treasury’s Special Envoy for Fintech, Chair of the Fintech Delivery Panel and Partner at Passion Capital, who was one of the judges for the programme, said: “The UK is an acknowledged world leader in fintech but having this programme, endorsed by HM Treasury, will help the UK to further accelerate the development of the sector. The calibre of applications for the Tech Nation Fintech programme was incredibly impressive with a wide breadth of business models. The companies chosen have already demonstrated that they are winners and will certainly have many more successes to come.”
Over five months, the cohort will get the chance to work with and learn from some of the most talented fintech entrepreneurs in the UK on key topics such as scaling challenges, partnerships with incumbents, regulations and international expansion. These insight sessions will take place in London, Edinburgh, Manchester and Leeds to encourage cross-country networking.
Richard Theo, CEO, Wealthify and one of the judges for the Fintech programme, said: “The applications to the Tech Nation Fintech programme where quite fantastic but the six million dollar question is whether there’s a future unicorn lurking within the 20 companies. Given the great range of ideas, the strengths of the teams and the support they can now get – there’s a really good chance that there’s one in there.”