Top 15 SaaS Companies in the UK | 2024
Sarah Cheesman, Updated: 01 February 2024
The software-as-a-service (SaaS) market is one of the fastest-growing sectors in the world. It’s no surprise, therefore, that the sector is an attractive field for entrepreneurs and investors alike. In fact, our data shows that nearly 9% of high-growth companies in the UK are SaaS businesses.
In this article, we’ve profiled 15 UK-based SaaS companies to watch this year, from established firms to emerging startups innovating in this space. You’ll find three rankings—first, a ranking of the most successful B2B and B2C SaaS businesses by the amount of equity funding they’ve received to date, followed by top SaaS startups still in their early stages of growth.
What is software-as-a-service?
Before delving into our list of the top 15 SaaS companies in the UK, it’s worth exploring what exactly SaaS businesses do and the major players in the global SaaS market.
A SaaS company develops software which fulfils a certain service or function, often made accessible to users through an internet or cloud platform. As well as the initial software development, SaaS companies continue to host, update, and upgrade their products, generally with the aim of improving overall user experience.
SaaS companies work across a wide range of industries, including fintech, big data, artificial intelligence (AI) and e-commerce. There are countless SaaS solutions in existence today, from human resources, customer relationship management (CRM) and web development, to social media and email marketing automation, enterprise resource planning (ERP), and project management.
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The biggest players in the SaaS industry
How does a SaaS business model work?
Different types of SaaS companies: B2B v B2C
SaaS companies can also be differentiated by who their target customer is. As the name suggests, business-to-consumer (B2C) SaaS companies develop software solutions for personal use by consumers. Business-to-business (B2B) SaaS companies aim their product offering at other companies, such as by helping them to perform better, manage their operations, or meet their customer needs. Some SaaS companies have designed both B2B and B2C SaaS products, however, offering services to both consumers and businesses.
Having now discussed the basics around SaaS companies, read on to discover our top 15 SaaS companies in the UK…
Top B2B SaaS companies in the UK
5.
Teya
Total amount raised: £358m
Total equity rounds: 2
Established: 2019
Location: London
Teya—also trading as SaltPay— develops payment processing and point-of-sale technology for merchants. The company has grown through acquisitions, with an impressive four under its belt. Most recently, it acquired Paymentology in December 2021.
Teya has secured £358m in equity funding across two rounds. Its investors include Base Partners, Hedosophia, and Tiger Global Management. The company hired key personnel in June 2023, such as Chris Allen as Head of Commercial Operations and Lawrence Hene as Chief Commercial Officer, leaving us very excited to see what’s next.
4.
Thought Machine
Total amount raised: £398m
Total equity rounds: 7
Established: 2015
Location: London
Thought Machine offers a cloud-based banking platform enabling banks to centrally manage a range of financial systems and products. In its most recent fundraising in May 2022, Thought Machine raised funds to expand within the Asia Pacific region.
The company has featured in seven high-growth lists including The FinTech 50, London Tech 50, and 100 FinTech Disrupters, as well as attending the Mayor’s International Business Programme. So far, the company has raised £398m across seven rounds. It is backed by many notable investors including Molten Ventures, Playfair Capital, British Patient Capital, IQ Capital Fund, JPMorgan Chase & Co, and Morgan Stanley.
3.
Improbable
Total amount raised: £664m
Total equity rounds: 7
Established: 2012
Location: London
Improbable offers software designed to create virtual worlds and simulations in the metaverse for a range of industries, such as entertainment and defence organisations. In recent years, the company has expanded its science and defence functions, hiring Professor Jordan Giddings as Chief Scientist, Defence, and Rob Solly as Director of Research Partnerships.
The company has secured £664m in equity funding across seven rounds as well as £1.49m in grant funding. It has also made three acquisitions—the most recent in February 2020.
2.
Starling Bank
Total amount raised: £715m
Total equity rounds: 9
Established: 2014
Location: London
Starling Bank provides a mobile-based current account that allows users to track finances in real-time, utilising visualisations to aid in budgeting. It also provides its core technology to the banking market as a SaaS product, Engine by Starling.
To date, the company has raised £715m across nine rounds, and has received a £100m grant from the Capability and Innovation Fund. Notable investors in the company include Fidelity Investments, Goldman Sachs Growth Equity (GS Growth), Merian Global Investors, and Qatar Investment Authority.
1.
Checkout.com
Total amount raised: £1.36b
Total equity rounds: 4
Established: 2012
Location: London
Checkout.com develops software solutions that allow businesses to process online payments in multiple currencies. With 20 offices, Checkout.com has established an international presence, and clients include Pizza Hut, H&M, and Revolut.
The company has secured £1.36b of equity investment, across four funding rounds, with the latest round in January 2022 worth £730m. It’s backed by Blossom Capital, Insight Partners, Tiger Global Management, and Altimeter Capital, amongst other investors.
It has also made four acquisitions, the most recent of which was of ubble, a company that develops identity verification software for online transactions, in August 2022.
Top B2C SaaS companies in the UK
Now, let’s take a look at which of the UK’s fast-growing B2C SaaS companies have secured the most equity investment to date.
5.
Monese
Total amount raised: £185m
Total equity rounds: 8
Established: 2013
Location: London
Monese provides a mobile app and cloud platform that allows people to open multiple bank accounts in multiple currencies, specifically for immigrants and expatriates. This 20% scale-up business has attended four accelerators—such as Upscale and Future Fifty—and featured on five high-growth lists including The FinTech50 and FT 1000.
So far, the company has raised £185m across eight rounds, as well as securing £883k in grant funding. Notable investors in the company include Paypal, Future Fund, Outrun Ventures, QVentures, Seedcamp, and HSBC Ventures.
4.
Wagestream
Total amount raised: £194m
Total equity rounds: 6
Established: 2013
Location: Westminster
Wagestream offers a software platform and mobile app, which integrates with payroll systems to enable employees to monitor and manage their earnings. The company was an attendee of the Future Fifty accelerator, completing in September 2023. It has also made three high-growth lists to date, including the 100 FinTech Disrupters, LinkedIn Top Startups UK, and Rising 100.
To date it has secured £194m through six rounds of fundraising, the most recent of these being in November 2023 for £103k. It has also made one acquisition, of Keebo in October 2023.
3.
ClearBank
Total amount raised: £348m
Total equity rounds: 6
Established: 2005
Location: Bristol
ClearBank is a leading challenger bank providing business banking solutions that serves individual customers as well as businesses—making it both B2C and B2B. ClearBank has been listed on several high-growth lists over the years, ranging from the 100 Fintech Disrupters in 2019 and 2020, to the Deloitte Fast 50 in 2021.
The company has raised £348m in equity across six rounds as well as £85m across two grants. Investors in the company include Apax Digital, CFFI UK Ventures, and PPF Group.
2.
Zepz
Total amount raised: £528m
Total equity rounds: 10
Established: 2009
Location: London
Zepz enables expats and migrants to send payments to family and friends abroad through its online payments platform. Zepz runs two payment brands: WorldRemit and Sendwave, the latter of which it acquired in 2021. With over 4m users, across 150 countries, the fintech-focused SaaS company has featured on nine different high-growth lists so far, including the Fast Track Tech Track 100.
With £528m of equity investment secured, the unicorn company’s investors include Accel, Farallon Capital Management, and Technology Crossover Ventures (TCV).
1.
Starling Bank
Total amount raised: £715m
Total equity rounds: 9
Established: 2014
Location: London
As well as being a B2B business, Starling Bank is also a B2C company.
To date, the company has raised £715m across nine rounds as well as receiving a £100m grant from the Capability and Innovation Fund. Notable investors in the company include Fidelity Investments, Goldman Sachs Growth Equity (GS Growth), Merian Global Investors and, Qatar Investment Authority.
Early-stage SaaS startups to watch in 2024
The above businesses are among the top SaaS companies in the UK right now, but which early-stage startups should you keep an eye on this year?
These five ambitious businesses are all currently operating at the seed stage and raised their first equity deal in the last year. Read on to discover the future of the UK’s high-growth SaaS industry.
5.
Translucent
Total amount raised: £7.7m
Total equity rounds: 2
Established: 2022
Location: London
Translucent provides an accounting platform that integrates with existing financial apps and systems to consolidate financial data into one place. In March 2023, it completed its first round of fundraising, taking an investment of £2.7m through LocalGlobe to continue growing and increasing operations.
The company also received a further £5m equity investment through LocalGlobe and Chalfen Ventures in August 2023, to help support the development of more apps.
4.
SeeChange Technologies
Total amount raised: £8m
Total equity rounds: 1
Established: 2021
Location: Manchester
SeeChange Technologies offers an AI platform for the retail industry that utilises visual data to prevent loss. It raised £8.79m through equity fundraising in November 2023 to work towards deploying commercially and building up the commercial and support teams.
In January 2023, it announced a partnership with Diebold Nixdorf, a global leader in designing, enabling, and operating relevant retail consumer and staff journeys, to launch the first in a series of AI-powered self-checkout (SCO) solutions.
3.
ElevenLabs
Total amount raised: £16.5m
Total equity rounds: 2
Established: 2022
Location: London
ElevenLabs operates an AI tool which automatically translates audio and video content into different languages.
Founded in 2022, the company has already raised £16.5m across two equity rounds. In its latest fundraising in June last year, ElevenLabs raised £14.9m to develop its research hub for voice AI and launch additional products. The company’s investors include Concept Ventures, Andreessen Horowitz, Creator Ventures, Credo Ventures, Embark Studios, Storytel, SV Angel, and TheSoul Publishing.
2.
Isometric
Total amount raised: £19.2m
Total equity rounds: 1
Established: 2022
Location: Canterbury
Isometric offers a collaborative science platform for the carbon removal industry, as well as an online registry that provides businesses seeking to purchase carbon credits with carbon removal company data.
It has raised £19.2m so far through one round of equity fundraising, completed in July 2023. This was to support product development as well as hiring more scientists and technologists.
1.
Holdpapers
Total amount raised: £56m
Total equity rounds: 1
Established: 2023
Location: London
Holdpapers provides a digital platform and app for users to monitor their investment portfolios.
Since being founded just last year, the company has raised an impressive £56m through just one round of fundraising. This was completed in September, giving them a post-money valuation of £83.9m.
The future of SaaS companies in the UK
The UK’s SaaS sector is likely to continue its growth, driven by advancements in technology, increased digitalisation across industries, and a growing reliance on cloud-based solutions. Businesses in the UK are recognising the benefits of SaaS, including cost-effectiveness, scalability, and accessibility, which will contribute to the sustained expansion of the sector.
Data security and privacy concerns will likely become more prominent, influencing how SaaS companies operate. With evolving regulations and an increased awareness of data protection, SaaS providers in the UK will need to prioritise robust security measures and compliance with relevant standards.
Innovation and differentiation will be crucial for SaaS companies to stay competitive. Those who develop cutting-edge technologies, provide unique solutions to industry-specific challenges, and adapt to changing market dynamics will be well-positioned for success.
Working with Beauhurst
Get all the information you need on successful and upcoming SaaS companies in the UK with the BeauhurstInvest platform. Our accurate and up-to-date information provides you with a quick and simple way to search for companies, allowing you to analyse market trends and download vital data in just a few seconds.
Find out more today by speaking to a member of our team, or see the platform in action by booking a demo.
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