Tech Nation Names 20 UK Fintech Companies to Watch, as UK Fintech Goes from Strength to Strength
We are delighted to have been asked to join the inaugural Tech Nation Fintech cohort and named as one of the top 20 fintechs to watch in the UK. We’re looking forward to working with the other finalists as well as with Tech Nation’s own network throughout the programme, and can’t wait to see what this next step holds for the future of Delio!
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.
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.
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.
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.”
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.”
Gregoire Michel, the Tech Nation Fintech programme lead, said: “When we devised Tech Nation’s first fintech programme we anticipated that entrepreneurs were increasingly building great companies in the regions. The number of applications we received from the regions bore out this hypothesis and while London remains the most important fintech cluster in the UK we are delighted that more than a third of the first cohort will come from outside London.”
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.”
Louise Smith, fintech envoy for Scotland and head of design in personal and business banking at RBS, said: “I’m thrilled to see two Edinburgh startups have been chosen to join the first ever Tech Nation Fintech Programme. After London, Scotland turns out the most fintech related graduates in the UK – 12% of the annual pool of 97,000 graduates. Fast-growing fintech startups like Float and Sustainably will make sure that Edinburgh continues to be a thriving financial centre for decades to come.”
Chris Sier, HMT Fintech envoy for the North and Professor at Leeds University, said: “I’m delighted to see Airtime Rewards, who are based in the North in Manchester, selected for the first ever Tech Nation Fintech Programme. The financial services sector already has important hubs in the North’s biggest cities and Airtime Rewards demonstrates that you can build a great fintech business in the North of England where there are plenty of skilled tech people coming out of colleges and universities.”
Average funding raised: £1,096,650
Average revenues per year: £260,406
Average company age: 3 years
Average number of users: 6,640
Regional representation: Seven companies from outside London, including two in Scotland, one in Wales
% of companies with female founder/co-founder: 40%