London startups dominate the list of 23 fintechs that have joined government-backed Tech Nation’s 2019 growth programme.
Sixty per cent of the new cohort of financial technology firms hail from the capital, while 40 per cent boast at least one female co-founder, Tech Nation revealed today.
Over the course of six months, the startup body will work with the companies to grow and scale their businesses at speed.
The companies who made the cut for the latest programme were handpicked by fintech superstars including Starling Bank boss Anne Boden, Wealthify CEO Richard Theo and Tech Nation chair Eileen Burbidge.
Each of the two-dozen startups have already raised an average of £3.6m, a 277 per cent increase from last year’s cohort.
Nivaura, which has raised £16.5m, Anna Money – which raised £14m, and Molo Finance, which put together £11.7m, were the startups with the most funding for the latest programme.
In total the 23 startups have raised £82.6m.
They also recorded an average revenue of £310,000 and span sectors from SMB finance, regtech, payments, capital markets and fintech for good.
“The UK has a fantastic leadership position of producing globally renowned fintech companies,” Tech Nation chair Burbidge, who is also a partner at Passion Capital, said.
“I’m pleased to see another diverse group of companies on this year’s programme, with 40 per cent of companies being based outside the capital.”
Mike Jackson, entrepreneur success director at Tech Nation, added: “The companies in this year’s cohort have demonstrated significant promise as future fintech leaders, and with the global fintech market expected to be worth nearly £250bn by 2023, they will play a vital role in supporting the UK to remain at the head of the global pack.”
The UK has officially become the world’s top fintech hub, attracting more than £4.5bn in investment over the last three years.
Here’s the full list of the latest 23 fintech startups to join Tech Nation’s latest growth programme, which begins on 24 October.
The 23 fintechs on Tech National’s growth programme
|9fin||AI-powered bond/fixed-income analytics|
|Anna Money||Business finances and invoices|
|Apexx Fintech||Payment provider integration|
|Credit Kudos||Credit scores|
|Fractal||Financial services API|
|Good Box||Contactless charity donations|
|High Castle||Alternative investments|
|Honcho Markets||Price comparison|
|Kani Payments||Financial reporting|
|Molo||Buy-to-let mortgage lender|
|Steady Pay||Gig economy|
|Tickr||Social wellness investments|
|Trade Ledger||Business lending|