Top 50 fintech startups and scaleups in the UK for 2020

| Jayshiv Rewal

Fintech, or financial technology, is the buzzword on everyone’s lips that has continued to inspire conversation and innovation. But fintech is more than just a buzzword; fintech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows fintech start-ups and scaleups to provide more efficient and streamlined offerings, and to disrupt traditional banking, payment, and lending services.

We’ve been observing the rise of fintech’s dominance at Beauhurst. 1,139 fintech companies in the UK have hit one of Beauhurst’s 8 high-growth triggers, with approximately 75% based in London—mainly the City of London and Westminster. Most of these 1,139 fintechs are in the seed (40%) and venture (26%) stages of evolution, indicating that this is a burgeoning sector with plenty of room for growth. Fintech is also an equity heavy sector, with 87% of companies securing investment since 2011 – significantly higher than the national average of 55%.

The best fintech startup & scaleup companies in the UK

Our first post in Beauhurst’s ‘Best Of’ series profiles the top 50 fintech start-ups and scale-ups in the UK, ranked in order of the amount of funds raised. Each writeup covers a snapshot of the company’s key information, namely: the amount of funds they have raised, the year they were founded, the location of their headquarters and other Beauhurst triggers—excluding equity and debt fundraising—that they have met. Each writeup also outlines the company’s main activities and areas of operation to provide a glimpse into how they are transforming financial services today.

Top fintech startups and scale-ups: 1 - 10

 1. OakNorth Bank  

Funds raised: £637m
Founded: July 2013
Location: London
Other triggers met: Accelerator attendance, Scale-up, High-growth list

OakNorth Bank provides loans, property finance and savings accounts to entrepreneurs and growing companies. OakNorth was initially created with the aim of providing a ‘bank for entrepreneurs by entrepreneurs’ and as one of the most active lenders in the UK today, it has still stuck to this premise. Since launching, it has lent over £3.3 billion and has over 55,000 customers with savings accounts, as well as being recognized on several high-growth lists such as Leap 100 and Tech City’s Future Fifty.

OakNorth offers loans between £500k to £45 million to fast-growing businesses, with these loans targeted in particular towards entrepreneurial business owners. OakNorth’s lending directors ensure they understand the individual needs of borrowing businesses, rather than simply fixating on collateral. Borrowers also have the opportunity to attend credit committees where they can discuss their business’ growth plans and funding requirements. These loans can also extend to acquiring property finance to support property developers and investors. In addition to loans, businesses can also choose from a range of business savings accounts, such as Fixed Term savings, Notice and Easy Access accounts.

OakNorth also provides a range of personal savings accounts to individuals. For instance, its fixed savings account yields an interest rate of 1.25-1.7% AER over a term of 6-60 months. Mortgages are provided to high net-worth individuals and SME business owners, offering up to 75% loan to value. A lifetime tracker mortgage and fixed rate mortgage (ranging from 1-3 years) is also offered. 

 2. Revolut  

Funds raised: £627m
Founded: December 2013
Location: London
Other triggers met: Accelerator attendance, High-growth list 

revolut logo

Unicorn startup Revolut operates a challenger bank which offers a range of digital banking services through a mobile app. Since its launch in 2015, Revolut has facilitated over 350 million transactions worth over £40b, whilst serving over 9 million customers. 

Users can open one of three accounts with Revolut: a free Standard account, a £6.99/month Premium account or £12.99/month Metal account. Opening any of these accounts entitles users to a free UK and EURO IBAN account, with the ability to spend in over 150 currencies at the interbank exchange rate. Users are also able to exchange money in 30 currencies—standard account users are capped to exchange £5,000 per month, whilst paid users and unrestricted—with no hidden fees.

Premium and Metal account holders are also able to instantly exchange any 30 currencies directly into 5 cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. 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. 

 3. Atom  

Funds raised: £482m
Founded: July 2013
Location: Durham
Other triggers met: Scale-up, High-growth list, Grant received

Atom operates a digital-only banking service, with all its services provided through its app. Atom has opted to diverge away from providing current accounts, instead offering savings accounts, mortgages and business loans to its customers. The movement away from current accounts, with no bank card issued, and the lack of any physical branch, has seen Atom differentiate itself from many of its challenger bank competitors. 

Atom offers savings accounts, mortgages and business loans through its app. Its fixed savings accounts range from three months to five years, with either monthly or annual interest. These accounts offer competitive interest rates, with the money saved from implementing physical branches intended to go towards providing these attractive rates. For instance, one year fixed savings accounts offer 1.5% annual interest. Atom also offers mortgages, with advice provided by an independent broker to help customers obtain the best deal. Mortgage repayments can be monitored in real-time through the app. 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.

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The fintech top 50 +5

 4. Paymentsense  

Funds raised: £329m
Founded: November 2010
Location: London
Other triggers met: Scale-up, High-growth list

Paymentsense delivers face-to-face and virtual payment solutions to over 70,000 small businesses in the UK and Ireland. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance. Paymentsense processes over 250 million transactions per year, totalling over £10b worth of sales.

Paymentsense provides a range of face-to-face card payment machines; specifically countertop, portable and mobile card machines. 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, thus enabling the machine to be used anywhere.

Paymentsense also offers several virtual payment methods through its online payment gateway, which acts as an online version of a physical payment machine. Three payment gateways are offered; Pay Online,  where payments can be directly made through a business’ website at the checkout stage; Pay by Email, where a link is set up to generate payment through emails; and Pay by Phone, where a secure virtual terminal is set up which enables customers’ payment information to be entered into via phone.

 5. Monzo  

Funds raised: £324m
Founded: February 2015
Location: London
Other triggers met: Accelerator attendance, Scale-up, High-growth list

Monzo operates a digital-only bank that offers its customers current accounts and a range of banking and money management features. Unlike traditional banks, Monzo has no physical branches, so users must create a mobile banking account through the Monzo app on iOS or Android. Monzo currently has over 3 million users and is fully authorised and regulated by the PRA and FCA. Monzo also has offices in Cardiff and Las Vegas, as well as London, with over 800 employees.

Monzo offers its customers a current account with no monthly fees and a prepaid Mastercard debit card. Current account holders can make instant UK payments and transfers, whilst also being able to set up flexible overdraft facilities and access loans through the Monzo app. Monzo also provides ‘Savings Pots’ that act as savings accounts, with users able to earn up to 1.4% AER on fixed savings. The savings pots also offer features such as roundups – which rounds up change to the nearest pounds and adding this to the pot – and automated savings – where amounts can be automatically saved. 

Monzo offers a number of other unique banking services and features. ‘Salary Sorter’ helps users to divide their spending, bills and savings into one organised place. Users can also spend overseas using the Monzo Mastercard, with no additional fees added to the exchange-rate. The first £200 of overseas withdrawals are also free for 30 days, with a 3% fee charged after this time.

 6. WorldRemit  

Funds raised: £311m
Founded: December 2009
Location: London
Other triggers met: Accelerator attendance, Scale-up, High-growth list

WorldRemit operates an online money transferring service, with money able to be sent to 150 countries worldwide. WorldRemit prides itself on its quick transfer services, with over 90% of transactions made through WorldRemit authorised within minutes. WorldRemit serves over 4 million customers worldwide and has undergone international expansion, with 700 employees over 6 continents. 

One of WorldRemit’s biggest advantages is its wide scope in transferring money worldwide. For instance, WorldRemit is available to senders in 50 countries, who can send money to recipients in over 140 countries. Various payment options are also offered, including methods such as bank transfer, cash pickups from collection points, mobile money (an electronic wallet service) and door-to-door. Most of these options result in transfers arriving instantly, with door-to-door home deliveries arriving 24 hours-7 days, depending on location. WorldRemit charges a transfer fee for each transaction, which varies based on the amount and currency being transferred. Users have a number of options to pay this fee, including bank transfer, debit card and credit card.

 7. TransferWise  

Funds raised: £305m
Founded: March 2010
Location: London
Other triggers met: Accelerator attendance, Scale-up, High-growth list

Another unicorn in the fintech sector, TransferWise has developed a platform that allows individuals and SMEs to transfer money abroad using real exchange rates. TransferWise utilises smart technology and lower costs to offer its users the real exchange rate, rather than an inflated exchange rate often charged by banks. In exchange for its transfer services, TransferWise charges a transfer fee which varies dependent on the amount transferred. Its money transferring services are also offered worldwide, with TransferWise being available in 59 countries and £4 billion sent every month.  

While TransferWise is a digital payments company like Paypal or Stripe, their main selling point is sending money abroad, with users able to lock in a favourable exchange rate for 24-48 hours. Many verification measures are set in place, with the identity of the sender, amount to be sent and desired currency checked before transfers are issued. Customers are also offered a TransferWise debit Mastercard, which has zero foreign transaction fees and free ATM withdrawal fees worldwide.

Businesses can set up a bank account with TransferWise to benefit from sending, spending and receiving multiple currencies with the real exchange rate. Business accounts are available for sole traders, SMEs and enterprise level businesses who have monthly international payments of £200k or more.

 8. SumUp  

Funds raised: £304m
Founded: November 2011
Location: London
Other triggers met: High-growth list

SumUp has developed a payment processing system that allows sellers to process payments using smart devices. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader.

SumUp offers three products. Firstly, the ‘SumUp Air Card Reader’ processes card payments by being paired with a mobile device. The Air Card reader accepts a variety of payment types including contactless, chip & pin, Google Pay and Apple Pay, giving customers flexibility in deciding how they want to pay. 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. The ‘SumUp 3G Card Reader’ offers similar services to the Air Card reader. With an in-built SIM card and unlimited data, payments  can be processed anywhere, without the need for a paired mobile device or app. Thirdly, SumUp offers point of sale registers, which includes tablets, a cash drawer, receipt printer and SumUp Air to create traditional retail POS.

 9. iwoca  

Funds raised: £301m
Founded: October 2011
Location: London
Other triggers met: Accelerator attendance, Scale-up, High-growth list

iwoca logo

iwoca provides small businesses in the UK with short-term loans. Businesses can apply for a loan ranging from £1,000 – £200,000, with startup businesses restricted to a maximum credit limit of £10,000. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. 

A key feature of iwoca’s business is the ability for its technology to quickly and fairly assess the risk of a small business applying for a loan. An applying business’ company accounts, bank statements and VAT returns are all used by iwoca to make a lending decision. Thus, a more holistic overview of the business’ performance is obtained, rather than solely using a credit score as a basis for determination. iwoca also offers flexibility in its loan provisions, with an option to top-up a business’ loan provided that a third of the original loan has been paid off and business performance continues to be strong. Interest rates on loans range from 2%-6% each month, with interest accrued daily.

 10. Starling Bank  

Funds raised: £273m
Founded: June 2014
Location: London
Other triggers met: Accelerator attendance, High-growth list

Starling Bank allows users to manage and run their bank accounts digital-only, without needing to visit a branch. Starling Bank is fully licenced, with its mobile app offering users several benefits such as instant notifications when users spend or get paid, tools to identify spending habits and 24/7 support. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme.

Starling Bank offers four main accounts: personal, joint, business and Euro. Its personal account has no monthly fees, with no charges made for making electronic payments, domestic transfers or ATM withdrawals. Users can also apply for bank overdrafts in-app, with interest of 15% EAR charged on amounts borrowed. The joint account is designed for individuals who share financial commitments and allows collective expenses to be managed and tracked. The business account offers features targeted specifically to businesses through its Starling Business Marketplace, such as accountancy software, credit facilities, insurance. The Euro bank account enables users to send, hold and receive Euros for free, with conversion from Euros to pounds (or vice-versa) conducted through the current exchange rate, with an additional 0.4% conversion fee. 

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Top fintech startups and scale-ups: 11 - 20

 11. ezbob  

Funds raised: £198m
Founded: September 2012
Location: London
Other triggers met: Scaleup, High-growth list

ezbob is a lending-as-a-service (LaaS) provider, offering digital lending solutions to lenders such as banks and financial institutions. ezbob initially operated as an online lending platform, lending directly to SMEs. It stopped its direct lending practices in 2017 however, to focus on providing solutions for lenders. 

ezbob developed Catalyst+, its multi-purpose, modular lending software which uses open banking to run its lending-based platform. Catalyst+ facilitates easier integration of account information, thereby allowing lenders to access more data about prospective borrowers and make informed lending decisions.  

ezbob’s software offers its client four main lending solutions. ‘ezbob smart onboarding’ ensures that users’ personal, banking and business details can be obtained through a streamlined mobile user interface. ‘ezbob risk’ is an automated risk decision engine which uses over 40 sources of data to provide a comprehensive overview of a customer’s information, which underwriters can easily access. ‘ezbob activation’ enables quicker processing of loans, with loan documents and transfers able to be quickly signed. ‘ezbob servicing’ provides customer relationship management systems to enable the ongoing servicing of customer loans and other issues.

 12. MarketFinance  

Funds raised: £190m
Founded: July 2010
Location: London
Other triggers met: Accelerator attendance, High-growth list

MarketFinance (rebranded from Marketinvoice in November 2019) is a fintech funder which provides quick and easy funding solutions for businesses. Since being established, MarketFinance has provided over £2.6bn in funding to thousands of UK businesses. The recent introduction of  the ‘Corporate Solutions’ lending option prompted MarketInvoice to change its name to MarketFinance in November 2019 to reflect the wider lending choices that are now being offered.

MarketFinance now offers three lending options to businesses. Firstly, MarketFinance offers unsecured business loans of up to £250,000, over a 1-3 year term. MarketFinance’s risk engine technology calculates a tailored interest-rate for applying businesses, starting at 0.75% per month, with businesses able to make repayments weekly or monthly. Businesses who have been trading for 24 months or longer and have a minimum annual turnover of £50,000 are eligible for this business loan. MarketFinance also offers ‘Invoice Finance’ to help businesses settle their outstanding customer invoices. Three invoice finance options are offered: selective invoice discounting (to fund specific invoices), confidential invoice discounting (to fund all outstanding invoices) and contract finance (to fund contracts, licences and retainers). MarketFinance’s most recent Corporate Solutions option provides larger SMEs, who have turnovers of £5m-£50m, with up to £5m.

 13. Checkout.com  

Funds raised: £176m
Founded: April 2012
Location: London
Other triggers met: Accelerator attendance, High-growth list

Another fintech unicorn, Checkout.com has developed software that allows businesses to process their payments online in multiple currencies. Checkout.com processes 150 different currencies and offers direct access to all major international cards whilst also accepting popular local payment methods. It also has 500 employees across 10 offices worldwide.

Checkout.com’s unified payments platform helps to manage every stage of the payment process. It offers businesses faster payment processing, with Checkout.com combining several separate payment technologies into its one platform, thus resulting in significantly faster processing speeds. 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. 

Checkout.com places a strong emphasis on security and implements a machine learning model trained to identify potential risky transactions. These transactions are instantly blocked to prevent fraudulent activity and ensure payments are secure.

 14. Capital on Tap  

Funds raised: £164m
Founded: February 2012
Location: London
Other triggers met: High-growth list

Capital on Tap develops an online service through which small businesses can receive access to credit. Since being founded in 2012, Capital on Tap has lent over £1bn to over 65,000 businesses in the UK. Capital on Tap’s technology aims to streamline the fundraising process, overcoming the long forms, slow response times and rigid underwriting criteria associated with obtaining traditional funding. Whilst Capital on Tap is not a bank, it holds a regular licence that restricts its activities to business lending.

Capital on Tap offers SMEs business credit cards and business loans. Capital on Tap’s business credit card offers a credit limit up to £50,000, which can be spent on a credit card or transferred to the applying business’ bank account of choice. Up to 10 cards can be issued, with interest rates as low as 9.9% offered. To apply for a credit card, businesses must have a trading history of at least 12 months and an annual turnover of at least £24,000. Capital on Tap also offers business loans up to £50,000 with flexible repayment options and no monthly or annual fees.

 15. Tandem  

Funds raised: £157m
Founded: July 2013
Location: London
Other triggers met: Scaleup, High-growth list

Tandem is a digital challenger bank that provides banking and money management services. The Tandem App is available on iOS and Android and offers its users money management assistance. The App uses Open Banking technology to pair its users bank accounts. 

There is no limit on the number of accounts that users can pair to the app, with Tandem connecting to the most popular financial institutions in the UK. 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. It has also recently launched an ‘Autosavings’ account, that boasts many features. The ‘Round Ups’ feature rounds up card payments to the nearest pound and saves the difference. It also offers customised savings features, with machine learning technology predicting how much a user can afford to save. 

As well as these money management services, Tandem also offers credit cards and fixed savings accounts. 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. Tandem’s fixed savers bank account also offer competitive rates, with annual interest payments with terms ranging from 1-3 years.

 16. Behavox  

Funds raised: £151m
Founded: June 2014
Location: London
Other triggers met: Accelerator Attendance, High-growth list

Behavox is an artificial intelligence powered data analytics business that aims to transform behaviours in financial workplaces. The Behavox Behavioral OS integrates into a company’s network and collates communications data, utilising machine learning. Behavox then develops insights and identifies patterns from this data, helping companies to capture, interpret, and improve their workplace behavior. Behavox works with multi-national businesses, financial institutions and investment firms.  

The Behavox Behavioral OS has four main features, two of which are launching soon. Firstly, ‘BehvoxCompliance’ collects and analyses all of a company’s data, including voice calls, emails, HR systems and PA authorization forms. This allows businesses to identify specific trade activity and enhance their risk mitigation systems; functions which are especially important for financial organisations. ‘BehavoxGain’ mines a company’s client communication, performing functions such as analysing voice calls – to help companies generate revenue-gathering insights – and automatically adding this information to CRM systems. ‘BehavoxBoost’ is launching soon and allows top employees to be identified, so that their behaviour can be applied organisation-wide. Fourthly, ‘BehavoxMotivate’ is also coming soon and will measure employee metrics such as team morale, job satisfaction and trends in employee workloads.

 17. Sonovate  

Funds raised: £144m
Founded: January 2011
Location: London
Other triggers met: Debt funding, scaleup, high-growth list

Sonovate-logo

Sonovate develops software designed to help facilitate the financing and employment of contractors and gig-workers for recruitment agencies and consultancies. Following the 2008 financial crisis, traditional lending became increasingly lengthy and uncertain for SMEs. The company was born out of the idea to change this, and has simplified the process by providing upfront funding against unpaid invoices. In 2017, Sonovate had funded £156m of the UK recruitment sector since its launch in 2011. Since then, it has funded almost £1 billion of invoices for recruitment agencies, consultancies and on-demand vendors in 39 countries.

To date, Sonovate has secured a whopping £144m in investment. The latest round of £110m was raised in September 2019, with contributions from Dawn Capital, Global Founders Capital, M&G ­Investments, and MXB Holdings. That same year former CTO of Asos, Bob Strudwick, joined the fintech innovator as CTO. Sonovate has been using it’s latest investment round to advance its core product offering and launch into new international markets including Germany, the Netherlands and America.

 18. ClearBank  

Funds raised: £143m
Founded: August 2015
Location: London
Other triggers met: High-growth list

Clear Bank logo

ClearBank operates a clearing bank using cloud technology, serving the UK banking industry. Described by founder Nick Ogden as a ‘bank for banks’ ClearBank has two main functions. Firstly, to act as a clearing bank by processing payments across major schemes in the UK, including MasterCard, Visa and Swift. This clearing bank function is powered by Microsoft Azure’s cloud technology, which enables quick and inexpensive clearing services. 

ClearBank’s second main function is to offer a core banking platform to FCA or PRA authorised financial institutions. Its platform is comprised of four main applications. Firstly, it offers account services – namely Operating, Client and Segregation Accounts – to enable financial institutions to hold their funds. It also offers internal processing solutions as well as connection to payment schemes clearing. Finally, it provides connectivity services through an API that seamlessly integrates with an institution’s core banking system.

 19. Zopa  

Funds raised: £133m
Founded: August 2004
Location: London
Other triggers met: Accelerator attendance, Scaleup, High-growth list

zopa logo

Zopa operates a peer-to-peer lending platform that directly matches investors with individuals seeking to take out a loan. Lenders invest money into Zopa’s web platform, which is then lent out to borrowers. A lender’s investment is spread across many borrowers, spreading (and therefore greatly reducing) the risk of defaults across a wide number of borrowers. Since being formed, Zopa has arranged more than £4.5 billion in peer-to-peer loans to 470,000 UK borrowers. 

Borrowers are able to easily apply for a loan through Zopa, online. Zopa offers borrowers personal loans of £1,000-£25,000 over a term of 1-5 years, with no penalties or fees charged for early repayment of loans. Additionally, Zopa calculates personalised rates for a loan using a ‘soft’ credit check, which gives lenders a window into a borrower’s debt history without impacting their credit history. 

Zopa also undertakes a unique investment process, as no borrower is lent more than 1% of an investor’s initial investment. This is designed to spread the investor’s risk across many different loans, whilst still allowing investors to generate returns within their projected range. Investors usually generate 3.4-6% projected returns from funds lent through Zopa.

 20. Rapyd  

Funds raised: £128m
Founded: May 2016
Location: London
Other triggers met:

Rapyd develops a fintech-as-a-service platform that integrates local payment capabilities into any application, enabling businesses to scale globally. Rapyd’s local payment processing system helps businesses to facilitate cross-border e-commerce transactions. Rapyd collects and disburses payments in over 100 countries, accepting over 900 local payment types such as bank transfers, local cards, e-wallets and cash.

Rapyd’s platform has four main functions. Rapyd Collect facilitates the collection of any payment across borders and currencies. It is able to accept payment types such as bank transfers, local ewallets, cash, and debit cards, with businesses able to maintain their existing card processing provider. The main benefit of this feature is that businesses can reach consumers who prefer to pay using their local payment methods. Rapyd Disburse simplifies cross-border payouts, enabling businesses to pay workers, customers and vendors, for instance, across different international markets. Rapyd Issuing enables users to deploy and manage a multi-country card issuing program. All three of these functions can be connected to Rapyd Wallet, which acts as a personal financial hub for users.

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The fintech top 50 +5

Top fintech startups and scale-ups: 21 - 30

 21. Nutmeg  

Funds raised: £127m
Founded: January 2011
Location: London
Other triggers met: Accelerator attendance, Scaleup, High-growth list

Nutmeg is a digital investment and wealth management firm. Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. 

Nutmeg’s wealth management process consists of three stages. Firstly, investors set the amount of investment they would like to make and their risk preference, to form an overall investment goal. Next, investors choose how they would like their money to be invested. They can choose from three investment styles, namely: socially responsible (portfolios that consider environmental, social and ethical companies), fixed allocation (portfolios designed to perform without intervention) and fully managed (portfolios that are proactively managed, with strategic adjustments made). Investors can also choose whether all their capital is invested immediately or gradually. Finally, Nutmeg’s wealth management experts build a suitable portfolio based on the investment goals and desired investment style. 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.

 22. Currencycloud  

Funds raised: £125m
Founded: July 2007
Location: London
Other triggers met: Accelerator Attendance, Scaleup, High-growth list

Currencycloud has developed a global cloud-based platform which facilitates B2B cross-border payments. A variety of businesses who are required to make or facilitate international and cross-border payments use Currencycloud’s platform. This includes banks, brokers and emerging fintechs, all of who can embed the Currencycloud platform into their services or use it as a base to build on. Notable companies such as Revolut, Visa and Starling Bank for instance, utilise the Currencycloud platform. Whilst initially launched and authorised in London, Currencycloud is also fully authorised and regulated in the EU, USA and Canada. 

Currencycloud’s platform has four main functionalities. ‘Collect’ issues businesses with local accounts to ensure that their customers can be easily and quickly paid through local accounts. ‘Convert’ gives companies real-time access to wholesale exchange rates, resulting in low-cost currency conversion rates. ‘Pay’ provides a range of flexible payment options, including cost effective local payouts to over 35 countries. Finally, ‘Manage’ gives businesses control over their multi-currency account, with management features such as payment tracking and pricing management easing control.

 23. Receipt Bank  

Funds raised: £113m
Founded: August 2010
Location: London
Other triggers met: Debt funding, accelerator attendance, high-growth list

Receipt bank logo

Receipt Bank develops accounting software that allows users to save and edit scanned invoices, bills and receipts through a mobile app. The documents can then be shared with accountants or synchronised with bookkeeping software, streamlining the accounting process for all parties. According to its website, the technology is now used by over 10,000 firms worldwide. 

Coming up to its tenth birthday, Receipt Bank is currently in its growth stage of evolution and most recently reported a turnover of £18.6m. It’s latest round of funding took place in January 2020, and saw £55m equity and loan finance funneled into the company. This money has been earmarked to help the company expand into new markets across Europe and Asia. The raise was led by Insight Partners with participation from Augmentum Fintech and existing investors, Kennet Partners and the Canadian Imperial Bank of Commerce. The total amount raised by Receipt Bank now stands at £113m.

 24. Prodigy Finance  

Funds raised: £110m
Founded: August 2006
Location: London
Other triggers met: Accelerator attendance, High-growth list

Prodigy Finance operates a platform through which international postgraduate students can receive loans for studying abroad. Prodigy Finance works with over 500 schools globally, spanning across North America, Europe and Asia. Loans are offered for postgraduate programmes in the fields of Business, Engineering, Law, Public Policy and Medical. Since formation, Prodigy Finance has processed over US$500 million in funding to 10,300 students.

Prodigy Finance offers the opportunity for professional or high net worth investors to invest in loans. Bonds are issued to investors on the Irish stock exchange, with investors receiving a quarterly coupon payment, consisting of principal and interest, as students repay their loans. Prodigy Finance loans provide investors with the ability to diversify their portfolios. 

One main benefit that students gain from being issued a Prodigy Finance loan is that neither a co-signer or collateral are required to secure the loan. This is because Prodigy Finance’s unique credit model assesses applicants based on their future earning potential, rather than their credit history. Loans are also flexible, with students able to finance the specific amount they need, up to 100% of the loan. No early repayment fees are issued either, enhancing students’ repayment flexibility.

 25. LendInvest  

Funds raised: £109m
Founded: July 2012
Location: London
Other triggers met: Accelerator attendance, Scaleup, High-growth list

LendInvest operates an online peer-to-peer lending marketplace for property financing and investing. It provides opportunities for individuals, corporates and financial service institutions to invest in property-backed loans to property investors and developers. Since launching, LendInvest has facilitated over £1.5bn in property loans to borrowers, resulting in the construction and renovation of over 50,000 properties across the UK. All loans issued through LendInvest are secured by a legal charge against the property 

Both individual investors and institutional investors are able to invest in property-backed loans through LendInvest. Investors must have at least £5,000 in their online wallet, with a minimum investment of £100 required for each investment opportunity. Investors receive interest on their loans every month, with interest calculated daily. 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. Usually, LendInvest loans are sought by SMEs as they tend to seek flexible short-term finance to develop or renovate their property projects. In assessing a borrower’s eligibility to apply for a loan, LendInvest checks a borrower’s credit history and property experience.

 26. GoCardless  

Funds raised: £93.1m
Founded: January 2011
Location: London
Other triggers met: Accelerator Attendance, Scaleup, High-growth list

GoCardless develops a platform that allows companies to make and receive recurring payments through direct debit. 

Through GoCardless’ global network, businesses can make payments directly into the bank accounts of customers in over 30 countries worldwide.  Businesses are also able to collect payments in their customers’ currency, yet settle in the business’’ own country using the real exchange-rate. Whilst there is no limit on how many transactions businesses can undertake, there are limits on the maximum amount that can be collected in one payment. This varies based on region; in the UK for example, a maximum of £5,000 can be collected from UK customers.

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. GoCardless’ fees are deducted automatically from transactions and consist of 1% of domestic (UK) transactions and 2% of international transactions.

 27. Tide

Funds raised: £91m
Founded: September 2016
Location: London
Other triggers met: High-growth list

Tide provides a mobile-based current account for small businesses. Whilst Tide is not a bank, the Tide current account is powered by Prepay Solutions, which has FCA authorisation. Everyday banking services can be undertaken through the Tide app, with application for an account taking as little as five minutes. 

The Tide account is intended to provide small businesses and entrepreneurs with a range of time-saving and cost-cutting tools to enable them to exert effort towards growing their business. A free business mastercard is issued with each account, which can be used to purchase goods and services with no purchase fees. Transactions are also automatically categorised, ensuring accounting records for specific types of purchases can be easily kept. Invoices can also be easily created, paid and stored through the Tide app. 

A key feature of Tide, which small businesses benefit from in particular, is the lack of monthly or annual fees. Instead, users are only charged for what they use, with 20p charged per bank transfer in or out and each cash withdrawal costng £1.

 28. Thought Machine

Funds raised: £90.8m
Founded: May 2016
Location: London
Other triggers met: High-growth list

thought machine logo

Founded by four former google employees, Thought Machine develops security software for the financial services sector. 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. Since launching in 2014, it’s main mission has been to liberate banks from outdated legacy technology, which stifles their ability to innovate.

The company has secured numerous achievements. In November 2018, Thought Machine partnered with Lloyds Banking Group in return for an £11m investment, which came as part of a wider £18m funding round. In March 2020 Thought Machine secured £64.9m in equity fundraising led by Draper Esprit, with contributions from Backed VC IQ Capital Fund, Playfair Capital and Lloyds Banking Group. To date, the fintech has secured a total of £90.8m in investment and is planning to use this money to expand into North America, Australia and Japan. Most recently, in May 2020, Thought Machine announced it had been selected to join Mastercard Start Path – a industry collaboration which helps banks, merchants and startups to provide new technology solutions for the payments industry. 

 29. Liberis  

Funds raised: £57.5m
Founded: December 2005
Location: London
Other triggers met: Scaleup, High-growth list

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. The scalable repayment plan is designed to assist with cash flow for businesses still in the earlier stages of growth.

The company offers finance worth £2.5k to £300k. The amount offered is calculated using a number of factors, including the applicant’s previous average monthly card takings and how long they have been in business. Funds are typically repaid in 4-12 months. Liberis do not charge interest, setup fees, or penalties, instead charging a one-off lending fee which is added to the balance borrowed. The total amount due is repaid as a pre-agreed percentage of each debit or credit card payment the applicant receives from their customers.

Businesses are likely to qualify for a Business Cash Advance if they have been in business for over 4 months and process at least £2.5k of credit and debit card transactions a month from their customers. Liberis has been featured in the Sunday Times Fast Tech Track high growth list for two years in a row.

 30. Moneyfarm  

Funds raised: £89m
Founded: March 2011
Location: London
Other triggers met: Accelerator attendance

Moneyfarm operates a digital wealth and asset management platform. Moneyfarm place a large focus on providing customised investment portfolios to its clients, which they can easily access digitally. 

Before being matched with a portfolio, investors are asked a series of questions regarding their risk preferences, wealth status and financial understanding and are assigned an investor profile. Then, a customised portfolio that aligns with the investor profile is built and managed by asset allocation experts. 

Investors can easily set up a Moneyfarm account online provided they are a UK, Italian or German resident. 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. All portfolios contain a mixture of asset classes and a range of individual exchange traded funds (ETFs). Each portfolio is also ranked 1-7, with 1 being the least risky and 7 being the most.

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Top fintech startups and scale-ups: 31 - 40

 31. Salary Finance  

Funds raised: £84.6m
Founded: July 2013
Location: London
Other triggers met: Scaleup, High-growth list

Salary Finance provide financial wellbeing benefits to employees, whilst instilling financial education. Its salary-linked employee benefits are designed to help employees manage their debt, develop wise savings habits and gain access to earned pay. With employees receiving this financial assistance, employers can benefit from improved employee engagement, employee retention and productivity levels. Thus, Salary Finance’s models aims to mutually benefit employees and employers alike.

Salary Finance partners with employers and provides four main types of salary-linked financial benefits to employees. Firstly, Salary Finance’s ‘Advance’ benefit gives employees access to 50% of their earned income, with up to three withdrawals permitted a month. No interest is charged on accessing earned income early, with a salary deducted fee imposed instead. Secondly, Salary Finance offer employee loans through their ‘Borrow’ benefit. Repayments are collected through salary deductions, reducing the risk of loan default. 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. Fourthly, Salary Finance offer a salary-linked savings account through its ‘Save’ benefit, with money automatically transferred to the savings account before the salary reaches an employee’s bank account.  

Salary Finance has received widespread recognition for their efforts, such as winning the Responsible Business of the Year 2018 award.

 32. 10x Banking  

Funds raised: £74.5m
Founded: October 2016
Location: London
Other triggers met: High-growth list

10x Banking develops an open banking platform, powered by cloud-native technology, for the financial services industry. 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. The heart of 10x Banking’s platform is the ‘10x SuperCore’ which is a system that powers the platform and ensures customer data appears only once on the platform, thereby enhancing security.

The 10x Banking platform offers a range of benefits to its client banks. For instance, the platform helps banks undertake easy product creation and deployment, ensuring the quick rollout of products to the market and reduced product development costs. The platform also  eases banks’ client onboarding processes, by creating real-time customer records that can be easily accessed. 10x Banking’s client data is also highly secure with built-in risk analytics capabilities and data being encrypted.

 33. Azimo  

Funds raised: £66.1m
Founded: January 2012
Location: London
Other triggers met: Accelerator attendance, Scaleup, High-growth list

Azimo 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. The payment system can be accessed via the Azimo website, or their app. 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. 

Azimo was founded in 2012 by Michael Kent, coincidentally also the co-founder of Tandem bank, who envisioned a means by which technology could be used to make financial services affordable and available to all. Since then, the company has expanded into the corporate market with Azimo Business.

The company has achieved profitability this year alone, raising £4m in an unannounced deal and was featured in the Sunday Times Tech Track 100 high growth list.

 34. DivideBuy  

Funds raised: £63m
Founded: June 2012
Location: Newcastle
Other triggers met: High-growth list

DivideBuy has developed web-based software that provides a credit lending payment option for retail businesses. Following a credit check via a ‘60 second’ online form, the customer can choose a monthly payment schedule to suit their budget, with plans ranging from 3 to 12 months for items between the value of £150 and £3.5k.

By including DivideBuy as a payment option on websites, orders becomes more accessible to the retailer’s customer, which encourages the likelihood of purchase, and increases the customer’s average order value. The software currently integrates with Magento, Woo Commerce, Shopify and Craft Commerce. They have also recently added a ‘soft search’ facility in addition to a ‘hard credit check’, so as not to affect unsuccessful customers’ credit scores. 

The Newcastle-based business recently appeared in the top 3 of Deloitte’s Fast 50 2019 high growth list.

 35. Curve  

Funds raised: £61.5m
Founded: April 2015
Location: London
Other triggers met: Accelerator attendance, High-growth list

Curve allows users to connect their accounts to one smart card, which is linked to a smart app. Users can load all of their Mastercard or Visa debit and credit cards to the Curve app, and spend from any of these cards using just one Curve  Mastercard. 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. Curve is currently available in 31 countries across the European Economic Area.

Curve boasts a number of features which can help users make payments. 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. Curve’s ‘go back in time’ feature allows users to switch the card used for a payment made within 14  days. This reversibility aims to rectify any issues caused by making payment with the wrong card. Curve users also benefit from intelligent fraud protection, with instant alerts received and the user’s app locked whenever a fraudulent payment is detected.

 36. Soldo  

Funds raised: £61m
Founded: September 2014
Location: London
Other triggers met: Scaleup, High-growth list

Soldo operates a banking and expenses app for businesses. Multiple users can each have their own individual card and spending limits, but all expenses feed into a central account overseen by their employers. As part of the package, Soldo offers prepaid Mastercard cards linked to the account.

In addition, spending rules, budget limits and team grouping permissions can be set on the individual level, but can be accessed and amended centrally by the employer. The idea is to provide greater ease of reconciliation associated with a single expense account, while maintaining the freedom and ease of use normally associated with individual bank accounts. 

The software can integrate with the employer’s accounting system via an API, which sends transactions daily via an automatic bank feed. The feed can also include enriched transaction data such as receipts, which can be captured within the app itself.

Along with their headquarters in London, the Soldo team also works across offices in Dublin, Milan and Rome. Soldo is currently used by over 60,000 businesses, including Monzo, Nested and Gymshark. This year they featured on The Startups 100 and successfully secured an additional £48.7m fundraising.

 37. Monese  

Funds raised: £59.8m
Founded: October 2013
Location: London
Other triggers met: Accelerator attendance, Scaleup, Grant received, High-growth list

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. Examples of applicants include students, freelancers, expatriates and foreign nationals. 

The idea behind Monese was devised by the company’s founder Norris Koppel, after he encountered difficulties when he moved to the UK from Estonia. 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. Monese was subsequently launched as the first 100% mobile account in the UK.

Monese provides users with a UK bank account and a MasterCard contactless debit card as part of the service. They also offer Eurozone accounts and cards, which users can have in tandem with their UK account. Applicants need only be over the ages of 18 and live in the European Economic Area (EEA), regardless of their citizenship or financial history. To encourage uptake, they offer financial rewards to users who refer a friend, and also to those who have been referred.

Last year Monese attended the Tech City Upscale Accelerator and featured on the Startups 100 high growth list. They employ over 200 people across its offices in London, Tallinn, Lisbon and Berlin. 

 38. Algomi  

Funds raised: £53.2m
Founded: June 2012
Location: London
Other triggers met: Accelerator attendance, High-growth list

Algomi is an online software technology company that provides two products to support the securities trading sector: Algomi ALFA software and an API to the platform. 

Algomi ALFA is a data aggregation tool that collects data from a number of sources, including messaging platforms and dealer inventory feeds, and combines them into a single feed. Users can then access a complete overview of the market landscape, and be alerted of particular market events that may be of interest: for example, alerting users of liquidity opportunities.

The product can be used by a number of professionals in the bond trading sector, including traders, project managers, quants, COOs and compliance professionals. Data collected covers the entire bond market, including government bonds, investment grade, high yield, emerging market, municipal debt and structured credit. Through the data it collates, Algomi aims to optimise a number of aspects of security trading, including empowering users to make informed decisions when deciding to buy or sell a security, when to do it and through which means.

Founded in 2012, Algomi is headquartered in London with offices in New York and Hong Kong.

 39. afforditNOW  

Funds raised: £52.4m
Founded: November 2010
Location: London
Other triggers met: Scaleup

afforditNOW provides financing alternatives to online retailers, allowing these companies to offer their customers more affordable purchase terms. Customers are able to spread payments for baskets of £100 or more across up to three instalments. Increasing purchase accessibility aims to increase the likelihood of purchase, and also increase the customer’s average order value. 

In addition to credit history, afforditNOW uses ‘smart technology’ to determine how much consumers can realistically afford to borrow, and allow businesses to exercise choice over where to offer payment plans and at what rates of interest. 

Pre-screening a customer requires their name, address and date of birth, and leaves no credit footprint. This can be used to determine the likelihood of a successful application before they apply at the point of sale, thus reducing the likelihood of a decline. Using real-time pre-approval affordability checks, retailers are also able to determine whether the maximum finance available to a customer is greater than their existing basket value, meaning that there is an opportunity to upsell. 

 40. Blockchain  

Funds raised: £50.5m
Founded: November 2014
Location: London
Other triggers met: Accelerator attendance, High-growth list

Blockchain has developed a range of products enabling users to exchange and transact cryptocurrencies (including bitcoin and ether), search and verify transactions, and analyse bitcoin prices, news and information.

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. The company also offers a number of open-source APIs from their website that can be used by developers to create bitcoin apps. 

Furthermore, Blockchain has its own subsidiary, Blockchain Ventures, a venture capital fund that supports and invests in distributed ledger technology.

Top fintech startups and scale-ups: 41 - 50

 41. Habito  

Funds raised: £48.2m
Founded: January 2015
Location: London
Other triggers met: Scaleup, High-growth list

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. Using an algorithm, the company searches across 90 separate mortgage lenders to find the right deal for the customer, and offers users a dedicated mortgage expert who provides ongoing support during the application process, via livechat.

Unlike traditional comparison sites, Habito shows the likelihood that a customer will be eligible, and applies for the mortgage on behalf of the customer. A key selling point of Habito is that it doesn’t charge customers any fees for the mortgages it arranges: instead, it makes its money purely through the procurement fee paid by the lender. Habito also has its own range of products, from mortgages to life insurance, through which it earns money.

Just this year Habito secured £19.5m fundraising with Augmentum Fintech and has been featured in London Tech Fifty’s high growth list.

 42. Wagestream  

Funds raised: £44.5m
Founded: April 2018
Location: London
Other triggers met:

Wagestream is an app through which employees can access their pro-rata earnings whenever they need them, rather than wait for a monthly salary payment. As the salary is earnt in real time, there is no lending-aspect to the money provided, and the only cost payable by the employee is a nominal processing fee of £1.75 per withdrawal. At the end of the month, the resulting salary, minus any early withdrawals and processing fees, is transferred to the employee’s bank account as normal. 

Through providing employees with greater control over their cashflow, 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. Due to the organisation’s altruistic aim to increase employee financial health and wellbeing, it is backed by charities such as the Joseph Rowntree Foundation and the Social Tech Trust.

Since they were founded last year, the company has raised £44.5m across two funding rounds, in a mix of debt and equity fundraising.

 43. Yoyo  

Funds raised: £44m
Founded: May 2013
Location: London
Other triggers met: Accelerator attendance, High-growth list, Grant received

Yoyo has developed a mobile app and payment processing system for consumer loyalty rewards. It provides fast and simple mobile payment solutions combined with an instant personalised loyalty and rewards programme for high street retailers, universities and corporate locations – backed by an easy-to-use analytics and campaign measurement platform

Shoppers have access to an easy-to-use app that allows fast, secure mobile payment, automatic loyalty collection on every purchase and offers and brand interactions personalised to previous purchasing behaviour.

For retailers, it takes customer identification, previously the domain of only the biggest brands, and democratises it. Through Yoyo, retailers can identify every customer at the point-of-sale and connect them to their SKU data, turning anonymous shoppers into individuals with purchasing preferences and habits. From here, they provide a platform to analyse, segment and engage.

Yoyo Wallet has been named in numerous high growth lists, most recently the Deloitte Fast 50 back in November 2019.

 44. ComplyAdvantage  

Funds raised: £38.3m
Founded: March 2014
Location: London
Other triggers met: Accelerator attendance, High-growth list

ComplyAdvantage provides an online database that details information on individuals and organisations associated with financial crime, such as money laundering and financing terrorism. 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. 

ComplyAdvantage separates itself from existing solutions in the marketplace which rely on manual labour to input and update data. These existing systems can take months to review and update data, which results in false-positives and allows recently sanctioned entities to slip through the net. By contrast, ComplyAdvantage uses a radically different technical architecture, leveraging data science and machine learning to understand risk computationally. Data is then reviewed manually, but the preceding processes enables results to be updated in minutes as opposed to months. 

Comply Advantage has been named in numerous high growth lists, most recently the Deloitte Fast 50 and the Regtech 100 in November 2019.

 45. Brightpearl  

Funds raised: £37.7m
Founded: May 2007
Location: Bristol
Other triggers met: Scaleup, Grant received

Brightpearl provides retailers and wholesalers with a complete cloud-based, automated back-office solution. This solution includes everything they need to streamline the back office and grow efficiently, from order management, replenishment, financial management, inventory, warehousing and more. The idea behind this is that if they automate back office processes, merchants can then spend their time and money growing their businesses.

Their back office solution includes financial management, inventory and sales order management, purchasing and supplier management, CRM, fulfillment, warehousing and logistics. In addition, Brightpearl has high-performing connectors to the major ecommerce platforms, including Magento, BigCommerce and Shopify. Over 1,200 businesses in 26 countries use their platform and they manage over 10m transactions and $3bn of business a year.

Brightpearl’s US headquarters is in the heart of downtown Austin with a global headquarters in Bristol, UK.

 46. True Layer  

Funds raised: £36.9m
Founded: July 2016
Location: London
Other triggers met: High-growth list

TrueLayer enables companies to capitalise on new Open Banking initiatives in the UK, and the broader, European wide PSD2 rules, by providing secure, clear and simple access to banking infrastructure. Using TrueLayer, developers can quickly meet security requirements, comply with their regulatory obligations, and gain access to data and payments, allowing them to focus their resources on developing innovative products and services. 

Bank data is a fundamental building block that developers need in order to create innovative consumer and SMEs applications across a multitude of areas including payments, online lending, PFM, robot-advisors, insurance, investment services, p2p marketplaces, and cryptocurrencies. True Layer makes all this possible with both their data and payment APIs, allowing companies to access this information in a secure and efficient way.

Truelayer was featured in the high-growth list, Fintech 50, earlier this year.

 47. OpenGamma  

Funds raised: £36.6m
Founded: August 2009
Location: London
Other triggers met:

OpenGamma is an analytics company dedicated to reducing the costs of trading derivatives, by providing actionable recommendations to front-office, risk and treasure. The product uses deep quantitative understandings of CCP margin and capital models, coupled with cutting edge cloud-based technologies, giving derivatives users the ability to uncover hidden opportunities that enhance returns. 

Since its founding in 2009, OpenGamma has built a global client base consisting of the world’s leading financial institutions and companies across clearing houses, banks and buy-side firms. Due to a simple set-up, clients are up and running within hours, receiving actionable recommendations for immediate derivatives cost savings.

With offices in London and New York, the team brings together a unique mix of practitioner, quantitative and software engineering expertise, providing unique insights, and products designed from direct experience. With thousands of users depending on its derivatives analytics everyday, OpenGamma helps firms tackle the biggest issues in derivatives trading.

 48. Rimilia  

Funds raised: £35.1m
Founded: August 2008
Location: Worcestershire
Other triggers met: Accelerator attendance, scaleup

rimilia logo

Rimilia develops robotic process automation (RPA) technology software, alongside predictive analysis tools, with the aim of automating many of the tasks currently undertaken by finance professionals. This includes, enabling organisations to control cash flow and cash collection in real-time and even predict customer payment behaviour. The company claims that it reduces manual activity by an average of 70% with its host of solutions and has received recognition by industry specialists including The Hackett Group. Current customers include Santander, Wesco, Gazprom, TalkTalk, Avis and Hertz.

Rimilia currently operates globally, with over a 100 employees worldwide and has customers in over 50 countries spanning USA, Europe and Australia but is headquartered in the UK. With its software able to operate within any currency, bank, country, and language – in 2019, Rimiliam completed over 12 million transactions. Current backers include private equity investors, Eight Road Ventures, SVB Capital and Kennet Partners, who all contributed to the Rimilia’s latest equity fundraising round of £11.4m in February 2020. This new capital will be used to drive continued product innovation, invest in new talent, and further fuel global expansion. In total, the company has raised a staggering £35.1m in equity fundraising. 

 49. Jaja Finance  

Funds raised: £34.9m
Founded: September 2015
Location: London
Other triggers met:

Jaja is a mobile-first business that provides digital and physical credit cards and other financing services. Its key mission is to simplify the world of credit and credit cards. The company claims that  finance companies have complicated credit for too long and this is the reason why it has built the next generation of simple and flexible products you can use at the touch of a button.

Jaja describes itself as digital, mobile-first business, which means that users apply for and initiate services through the company’s app—using a phone camera to capture ID and an AI-based algorithm that considers other personal data to provide “near instant” credit decisions. Jaja provides physical cards, but it also allows people to use the cards through their digital wallets immediately. The company does not charge for foreign currency exchanges and offers free cash withdrawal fees. The app can also be used to get real-time updates on accounts and modify repayments.

 50. Velocity Black 

Funds raised: £32.8m
Founded: April 2014
Location: London
Other triggers met: High-growth list

Velocity Black is a global members club & concierge, reimagined for the digital age. It allows members to book a restaurant, vacation, sold-out concert or a “swim with orca whales” from its mobile app.

According to its LinkedIn page, Velocity Black asserts that it is reimagining the way we discover and experience our world, from restaurants, to travel, to flights in fighter jets to the edge of space. The mobile payments infrastructure enables customers to never have to pull out a card, with everything taken care of by 0-click payment.

Access to all of Velocity Black’s benefits comes with an upfront fee and recurring annual costs.

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