The Fintech Top 50

We’ve ranked the UK’s top 50 fintech companies by total amount of equity investment received to date, including through rounds that remain unannounced to the public.

What is Fintech?

Fintech, a portmanteau of “financial technology”, is an industry that seeks to make financial services more efficient and accessible for businesses and consumers alike. This includes technology companies such as challenger banks, payment processors, budgeting apps and cryptocurrency wallets, which often utilise algorithms, artificial intelligence, blockchain and automation, along with other kinds of digital banking technology. Read our Ultimate Guide to Fintech to learn more.

The state of fintech in the UK

The fintech industry is the UK’s strongest startup sector, with more than 1,600 high-growth fintech companies, 17 unicorn companies (half of the UK’s billion-dollar startups), and more venture capital investment than any other industry.

Collectively, UK fintech companies have raised £20.8b in equity funding, with a staggering £7.65b in 2021 alone. 

As they grow and develop, these fintech startup and scaleup companies are posing a very real threat to the traditional banking and financial services industry, and catalysing innovation amongst incumbents.

Top 50 Fintech Companies UK

Top 50 Fintech Companies UK

Beauhurst tracks all investments into the UK’s high-growth companies. Here, we’ve included all equity rounds—whether they were announced to the public or not. Rounds that are a mix of equity and debt finance have also been included, but those that are purely made up of debt finance are excluded. Data correct as of 7th January 2022.

Revolut company logo

1. Revolut

Total amount raised: £1.27b
Total equity rounds: 9
Established: 2013
Location: Tower Hamlets

The first of the fintech companies is startup unicorn and challenger bank Revolut. It provides a financial services and digital banking app where users can track and send money, trade cryptocurrency and more, and serves over 16m customers worldwide.

Revolut offers several plans: a free Standard account, a £2.99/month Plus account, a £6.99/month Premium account, and a £12.99/month Metal account. Each plan offers additional perks, with the Metal account giving members access to cashback in a (crypto)currency of their choice and four times the standard surcharge-free ATM allowance. And last year, Revolut launched an affordable acquiring solution for Europe, enabling businesses in 29 countries to accept card payments online. 

In December 2021, Revolut Bank was granted a full banking licence by the European Central Bank. The company tops our list with a rather impressive £1.27b in equity investment already secured. This capital was raised across nine funding rounds, with the likes of Seedcamp, Index Ventures, Molten Ventures (formerly Draper Esprit), Ribbit Capital, Schroders, and Tiger Global.

2. Monzo

Total amount raised: £927m
Total equity rounds: 17
Established: 2015
Location: City of London

Also operating a challenger bank is Monzo. Fully authorised and regulated by the PRA and FCA, over 5m people use Monzo to manage and spend their money around the world. The London-based fintech company employs over 1,600 people, with offices in London and Cardiff.

Monzo’s digital banking account options include its original current account with no monthly fees, Monzo Plus at £5/month, or Monzo Premium at £15/month. The Premium option comes with features such as phone and travel insurance and free abroad withdrawal of up to £600 every 30 days. In September 2021, Monzo also launched Monzo Flex, a buy now, pay later (BNPL) product, allowing customers to split the cost of purchases into three interest-free payments. 

Monzo’s latest financial statement in February 2021 showed a turnover of £75.6m. With an impressive 17 equity rounds under its belt, Monzo has secured £927m in investment so far, with investors including Accel, Coatue Management, Abu Dhabi Growth Fund, General Catalyst Partners and Crowdcube.

OakNorth Bank Logo, Fintech

3. OakNorth Bank

Total amount raised: £637m
Total equity rounds: 4
Established: 2013
Location: Westminster

OakNorth Bank was designed ‘for entrepreneurs by entrepreneurs’, providing them with business loans and property finance, between £500k and £45m. It offers loans to the ‘Missing Middle’, the businesses which contribute most significantly to economic and employment growth but struggle to access fast, flexible debt finance. 

OakNorth’s borrowers can attend credit committees to discuss their business’ growth plans and funding requirements directly with decision makers. As well as loans, businesses can choose from a range of business savings accounts with OakNorth. These include Fixed Term savings, Notice accounts and Easy Access accounts, with competitive AER.

In 2020, the challenger bank reported an operating profit of £77.6m and was featured on the Deloitte Fast 50 high-growth list. More recently, in December 2021, OakNorth Bank made its first acquisition, purchasing cashflow software firm Fluidly. The fintech company has raised a staggering £637m worth of investment so far, across four equity funding rounds. Its backers include NIBC Bank, Softbank Vision Fund, Clermont Group, and Coltrane Asset Management.

4. Checkout.com

Total amount raised: £631m
Total equity rounds: 3
Established: 2012
Location: Hackney

Another fintech unicorn is Checkout.com. It develops software for businesses to process their online payments in multiple currencies, with over 150 different currencies available. Checkout.com’s payments platform helps to manage every stage of the process, combining several separate payment technologies. It accepts a variety of payment methods, with direct access to Visa, Mastercard, American Express, alongside other popular methods.

Managing risk is high on the fintech’s priorities, with Checkout.com providing a machine learning model that’s trained to identify potentially risky transactions. This risk-scoring solution prevents fraudulent activity and ensures payments are secure. 

Checkout.com was crowned Europe’s top unicorn company in January 2021, after tripling its valuation to $15b. It also works with leading brands like Sony, Klarna, and Deliveroo. Altogether, the fintech company has raised £631m in equity investment, across three rounds, with backers including Blossom Capital and Insight Partners.

5. Starling Bank

Total amount raised: £585m
Total equity rounds: 8
Established: 2014
Location: City of London

Winner of the Best British Bank award for four consecutive years from 2018 to 2021, Starling Bank is a challenger bank for both businesses and consumers. It offers various consumer accounts (personal, joint, business and Euro) as well as business accounts with same-day setup, no monthly fees, and easy accounting tools. Through the company’s mobile banking app, users also benefit from instant notifications on spend and income, no overseas fees, and 24/7 support.

In 2021, the fintech company introduced its ‘Bills Manager’, helping customers to pay their bills on time and better manage their money. It allows users to automatically pay Direct Debits and standing orders from a Saving Space. 

Starling Bank made the highest profit of all the companies on this list, reporting £97.6m in its 2021 financial statement, alongside a turnover of £109m. The bank has secured £585m in equity fundraisings so far, through eight rounds, alongside a £100m innovation grant in February 2019. It also acquired Hampshire-based lender Fleet Mortgages in July 2021.

Zopa logo

6. Zopa

Total amount raised: £516m
Total equity rounds: 13
Established: 2004
Location: Southwark

Zopa operates a global peer-to-peer (P2P) lending platform, alongside Zopa Bank, which launched in 2020 and has been granted a full banking licence. In December 2021, the London-based fintech firm announced its decision to close its P2P operations after 16 years, to focus more on its challenger bank offering.

Zopa’s banking service offers fixed term savings (backed by FSCS protection) and credit cards, along with unsecured personal finance loans and secured car finance. Its loan calculation allows users to see the rate they can get without impacting their credit history. 

In 2021, Zopa was named the Best Personal Loan Provider at the British Bank Awards for the fifth year in a row, as well as achieving the Best Credit Card Provider for the first time. The fintech company has secured a massive £516m worth of equity investment to date, across 13 funding rounds, from the likes of Augmentum Fintech, Finch Capital, Balderton Capital, and VentureFounders.

Zepz logo

7. Zepz

Total amount raised: £497m
Total equity rounds: 9
Established: 2009
Location: Westminster

Founded in 2009, fintech company Zepz (previously the WorldRemit Group) develops an online platform for migrants and expats to send remittances abroad. Zepz’s brands now include WorldRemit and Sendwave.

The WorldRemit app can be downloaded for free, allowing users to send money online to over 130 countries. 95% of its transfers are ready in minutes and it boasts better exchange rates and lower fees than most conventional banks and transfer services. Meanwhile, Sendwave is used by over 600k customers, as a fast and convenient way to transfer money to people in Africa and Asia.

In 2020, Zepz transferred over $10b for customers and processed over 50m customer transactions. And prior to rebranding, WorldRemit featured on the shortlist for BusinessCloud’s FinTech 50 for most innovative financial technology companies in 2021. In total, the firm has raised £427m, across 10 equity funding rounds.

86%

based in London

8. Atom

Total amount raised: £492m
Total equity rounds: 12
Established: 2013
Location: County Durham

Yet another challenger bank on the list, Atom was the UK’s first app-based bank, providing digital banking services. These include saving accounts, mortgages, and business loans. Atom’s shift away from current accounts and its lack of debit or credit cards differentiates the challenger bank from many of its competitors.

Atom’s mobile app is available on iOS and Android, allowing users to bank and access statements anywhere, 24/7, with customer service accessible 365 days a year. Mortgage repayments can be monitored through the app, with Atom providing an independent broker to offer advice on the best deal. In Atom’s latest financial statement, in 2021, it reported a turnover of £42.3m.

Atom has secured £492m in equity fundraisings so far, across 12 rounds, with investors including Anthemis, Conviction Investment Partners, and Middleton Enterprises. The fintech company has also received three large innovation grants, totalling more than £10m in additional funding.

9. Saltpay

Total amount raised: £358m
Total equity rounds: 2
Established: 2019
Location: City of London

Software-as-a-service (SaaS) fintech company SaltPay develops payment processing and point-of-sale technology for SMEs, also offering support tailored to its customers. SaltPay was founded to create affordable, fast and secure solutions to help small businesses and entrepreneurs automate their payment processes and grow. 

The company offers additional services and software, such as issuer payment processing, cloud-native payments and business management software, to global fintechs, payment providers, banks, and MNOs. Headquartered in London and founded in 2019, SaltPay already has 14 offices across 12 countries, having scaled its payment services network across Europe.

Despite having just two equity funding rounds under its belt, newcomer SaltPay has already raised a staggering £358m in investment. It has also made four acquisitions so far, of foreign competitors Borgun, Pagaqui and Tutuka, and UK-based payment authorisation firm Paymentology.

10. Blockchain.com

Total amount raised: £356m
Total equity rounds: 4
Established: 2011
Location: Stockport

Blockchain.com has developed a range of products for users to exchange cryptocurrencies (including Bitcoin and Ether tokens), search and verify transactions, and analyse crypto prices, news and information. Since 2011, millions of people have used Blockchain.com, with over $1t in crypto transactions. The blockchain technology company also offers several open-source APIs that can be used by developers to create their own Bitcoin apps.

Blockchain.com’s main products include: Wallet, an app through which users can send, receive, store and trade cryptocurrencies; Exchange, the company’s exchange for allowing users to buy, sell, and trade cryptocurrencies; Explorer, providing public cryptocurrency transactions and information; and Institutional Markets, allowing institutional investors to use these services. 

In 2021, Blockchain.com announced plans to introduce an NFT (non-fungible tokens) marketplace. It’s also made three acquisitions to date: Stratagem Technologies in 2018, and AiX and SeSocio in 2021. And so far, Blockchain.com has raised £356m in equity investment, across four funding rounds. 

Thought Machine logo

11. Thought Machine

Total amount raised: £273m
Total equity rounds: 7
Established: 2015
Location: Islington

Founded by four former Google employees, Thought Machine develops digital security software for the financial services sector, including tier 1 banks and challengers. Its mission is to build the foundations for a new era in banking, attempting to liberate established firms from outdated legacy technology. 

Thought Machine’s core product is Vault, a platform built around APIs. Vault provides a cloud-based, end-to-end operating system, for banks to centrally manage their products, such as current accounts, savings, loans, credit cards, and mortgages. Through its Thought Machine Engagement Model, the fintech company also works closely with clients looking to build new banks, helping them with design, requirements, and partnership programmes.

To date, Thought Machine has secured £273m in equity fundraisings, in seven rounds. The company’s cap table includes the likes of Playfair Capital, IQ Capital Fund, Standard Chartered Ventures, and British Patient Capital.

Zilch logo

12. Zilch

Total amount raised: £251m
Total equity rounds: 7
Established: 2018
Location: Westminster

Zilch Technology is a BNPL fintech company, offering an app through which users can make zero-interest staggered payments for online shopping. Unlike many BNPL providers, Zilch is regulated by the Financial Conduct Authority (FCA). 

When customers reach the digital checkout, Zilch allows them to spend 25% of the cost upfront, before splitting the remainder of the cost over the next six weeks. There’s the option to snooze payments if users need more time (although this may incur a one-off fee), as well as alerting them before instalments are due. Customers paying the whole fee initially can earn Zilch Rewards and 5% cashback.

In August 2021, Zilch acquired US-based debt funding platform Neptune Financial (NepFin), with plans to expand into the American market. It has also raised a total of £251m in equity investment, across seven funding rounds, with investors including Gauss Ventures, DMG Ventures, and Ventura Capital.

PPRO Logo

13. PPRO Group

Total amount raised: £243m
Total equity rounds: 5
Established: 2011
Location: City of London

PPRO Group develops a platform for businesses to use a range of international electronic payment schemes. The fintech company’s infrastructure makes it easier to launch and manage payment methods, giving merchants the power to reach more markets and consumers more financial freedom.

PPRO Group’s solutions include: Accelerate, which provides market consulting; Onboard, which provides support for onboarding merchants; Accept, making it easier to integrate payment methods; and Collect, allowing businesses to consolidate multiple collections and reconciliations into a single format.

The group operates across 10 offices, throughout Asia, Europe, and North and Latin America, and its current business partners include both PayPal and Adobe. Its backers include Citi Ventures and Eurazeo, with the firm securing five funding rounds in total, amounting to £243m in equity investment.

14. Allica bank

Total amount raised: £232m
Total equity rounds: 9
Established: 2011
Location: City of London

Operating through a digital banking platform and network of local bankers, Allica Bank provides a branchless bank, aimed at both businesses and consumers. Previously trading under the name CivilisedBank, Allica Bank rebranded in 2018, with an emphasis on the bank’s repositioning as a digital-first offering.

Allica Bank offers savings accounts, commercial mortgages, asset finance, and local relationship managers for businesses (primarily UK SMEs), as well as providing personal savings accounts for individuals.

Allica Bank was granted its banking licence in 2019, and has offices in Milton Keynes and London, with a team of managers across England and Wales. Its target profitability date is in mid-2022. The fintech company has raised £232m in equity funding so far, secured across nine rounds.

15. 10x Banking

Total amount raised: £223m
Total equity rounds: 4
Established: 2016
Location: Westminster

10x Banking develops an open banking platform, powered by cloud-native technology, for the financial services industry. 10x Banking’s name comes from its desire for the platform to provide banking services which are 10x better than traditional banking methods, to benefit the bank, its customers, and society.

10x SuperCore is the company’s main solution, designed so that banks can transform at a pace that matches their growth strategy whilst minimising the challenges of large-scale transformation projects. The software enables connected propositions, customer journeys, and support services.

In 2021, the SaaS fintech company featured on the Lazard European Growth Index (T100), as well as receiving financial advice from Lazard during 10x Banking’s most recent funding round. With four equity rounds under its belt, 10x has raised an impressive £223m in fundraisings, from the likes of Oliver Wyman, JPMorgan Chase & Co and Nationwide Ventures.

truelayer logo

16. TrueLayer

Total amount raised: £202m
Total equity rounds: 8
Established: 2016

Location: Islington

Founded in 2016, TrueLayer enables companies to capitalise on new open banking initiatives in the UK and the broader European-wide PSD2 (Payment Services Directive Two) rules. It develops APIs that connect mobile apps and other websites to banking infrastructure, providing secure, clear, and simple access. 

Using TrueLayer, businesses can integrate next-generation payments and financial data into any app. Meanwhile, 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 products and services. 

An impressive 50% of open banking traffic in the UK, Ireland, and Spain goes through TrueLayer, and it boasts a 22% higher payment conversion than other open banking providers. The ambitious fintech company was featured on Business Cloud’s Fintech 50 for innovation in 2021. It has raised £202m worth of equity investment so far, across eight funding rounds, with investors including Anthemis and Northzone Ventures.

Clearbank logo

17. Clearbank

Total amount raised: £197m
Total equity rounds: 6
Established: 2015
Location: City of Bristol

ClearBank operates a clearing bank using cloud technology, described by its founder Nick Ogden as a ‘bank for banks’. ClearBank’s tailored solutions enable its partners to offer real-time payment and innovative banking services to their customers.

It’s banking-as-a-service offering includes several account options for financial institutions, such as operating accounts, client accounts, and segregation accounts. It also offers FSCS Bank Account solutions and Virtual Account solutions, and provides connectivity services through an API which seamlessly integrates with an institution’s core banking system.

ClearBank was granted its UK banking licence in 2016. And in 2020, it won several awards, including ‘Pioneer of the Year’ at the British Bank Awards. The fintech company has secured £197m in equity investment so far, which it raised in six rounds, with undisclosed investors. On top of this, ClearBank was awarded a £60m innovation grant in early 2019.

8%

female founded

Soldo logo

18. Soldo

Total amount raised: £192m
Total equity rounds: 4
Established: 2014
Location: Westminster

Soldo operates a banking and expenses app, aiming to bridge the gap between banks and business customers. It allows an unlimited number of people to use a single business bank account, with their own card and spending limits, while all expenses feed into a central bank account overseen by the employer.

Soldo’s software can be integrated with an employer’s accounting system via an API, allowing them to see what is spent where and by whom, in an automatic bank feed. Spending rules, budget limits, and team grouping permissions can be set on the individual level and amended by the employer. Soldo cards also have free money transfers, no transaction fees, and low FX rates.

The fintech company currently has offices in London, Rome, Milan, and Dublin. To date, it’s raised £192m in investment, across four equity funding rounds, with backing from Accel and Connect Ventures, among others.

Quantexa logo

19. Quantexa

Total amount raised: £182m
Total equity rounds: 5
Established: 2016
Location: Lambeth

Featured on the FT 1000 in 2021, Quantexa is one of Europe’s fastest-growing companies. The fintech company develops cybersecurity software using artificial intelligence and big data technology. Quantexa’s software includes real-time resolution, network generation, and advanced analytics, offering solutions for security issues such as fraud.

With Quantexa’s Contextual Decision Intelligence software, organisations can connect internal and external datasets to provide a single view, giving them intelligence about the relationships between people, places, and organisations. It’s used by organisations across banking, insurance, and the public sector, among others, to help them make accurate and informed operational decisions.

In 2021, Quantexa also featured on the RegTech 100, a list of the most innovative RegTech companies in the world. The company has raised a total of £182m in equity investment so far, secured across five rounds, with investors including AlbionVC and Dawn Capital.

GoCardless

20. GoCardless

Total amount raised: £162m
Total equity rounds: 7
Established: 2011
Location: Islington

GoCardless has developed a platform for companies to make and receive recurring, one-off or variable payments, in over 30 countries. Businesses can accept direct debit payments on their websites through GoCardless’ payment page or by integrating their own checkout with the customisable GoCardless API. 

With GoCardless, businesses can also receive email notifications for failed payments or cancellations, enable intelligent payment retries, and choose the frequency and duration of payments. GoCardless currently partners with over 150 billing and subscription softwares, including Xero and Sage, and is used by 50k businesses worldwide. 

Founded in 2011, the fintech company now has offices in London, Paris, Munich, Melbourne, San Francisco, and New York City. It’s raised £162m in equity funding so far, across seven rounds, with Accel, Notion Capital, GV (Google Ventures), and numerous other investors.

tandem logo

21. Tandem

Total amount raised: £157m
Total equity rounds: 14
Established: 2013
Location: Camden

Tandem is a digital bank which provides financial services and money management solutions, with a focus on green finance. Tandem’s mission is to become ‘The Good Green Bank’, committing to help customers reduce their carbon footprint and build a more sustainable future for the planet.

It offers both saving and current accounts, as well as using open banking technology to pair its users’ bank accounts. Users can pair an unlimited number of accounts, from over 75 of the UK’s financial institutions, to the Tandem app. Once the user’s accounts are connected to the app, Tandem examines day-to-day payments, bills, and standing orders, to advise customers on their spending. The company also offers specialist advice to improve people’s heating and electricity efficiency.

In total, Tandem has secured £157m worth of investment, across an impressive 14 equity funding rounds. Investors include e.ventures, Omidyar Network, Route 66 Ventures and crowdfunding platform Seedrs. The company has also acquired three other fintech startups to date: Harrods Bank, Pariti and most recently Allium Money. 

curve logo

22. Curve

Total amount raised: £156m
Total equity rounds: 9
Established: 2015
Location: Camden

Curve allows users to control their payments by connecting multiple bank accounts to one smart card, which is linked to a mobile app. Users can add credit and debit cards to a digital Curve wallet and then start spending, either with a physical or virtual card (via Apple, Google, Samsung, or Curve Pay). 

The Curve app provides insights, alerts, and notifications about what users have spent, as well as an intelligent fraud protection feature which locks the app if fraudulent payments are detected. Its ‘go back in time’ tool also allows users to switch the card used for payment within 30 days of a transaction.

The fintech company has so far raised £156m worth of equity investment, across nine funding rounds. There’s a long list of investors on Curve’s cap table, including Connect Ventures, Mouro Capital, Outward VC, Seedcamp, Fuel Ventures, and Crowdcube.

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form3 logo

23. Form3

Total amount raised: £155m
Total equity rounds: 5
Established: 2016
Location: City of London

B2B fintech company Form3 has developed internet-based software to simplify financial procedures such as payment processing, clearing and settlement. It provides banks and fellow fintechs with a managed payment service through a single API.

Form3’s offering allows businesses to focus on their customers, rather than maintaining IT infrastructure, by handling end-to-end processing from the first customer interaction. It provides a single integration point for all payment services, with an easy-to-use API that has 99.95% uptime.

In 2020, Form3 was selected as one of the top European fintechs to watch, ranking on the FinTech 50 high-growth list from FinTech City. It also reported a turnover of £9.33m in March 2021. To date, the company has raised £155m worth of equity investment, across five rounds, with investors including 83North, Angel CoFund and Molten Ventures (formerly Draper Esprit).

monese logo

24. Monese

Total amount raised: £150m
Total equity rounds: 5
Established: 2013
Location: City of London

With over 2m users across 31 countries, Monese focuses its financial technology on those who might struggle to open a bank account (due to lack of credit history, proof of address or guaranteed regular income for instance). It launched in 2015 as a mobile app alternative to traditional banks, with users including students, freelancers, expats, and foreign nationals. 

Monese offers various products, including instant accounts, money pots, and joint accounts, as well as the ability to link the Monese app to Avios and PayPal. Anyone can open a Monese account, if they are aged 18 or above and live in the UK or in the European Economic Area (EEA).

In April 2021, Monese joined Tech Nation’s Future Fifty accelerator, a leading European growth programme for late-stage tech scaleups. Altogether, the fintech company has £150m in equity investment under its belt, secured across five funding rounds, as well as a £883k Horizon 2020 innovation grant from 2016.

clearscore logo

25. ClearScore

Total amount raised: £143m
Total equity rounds: 1
Established: 2014

Location: Lambeth

ClearScore provides financial services via their website and mobile app, which provides free credit scores and reports to users. The fintech company’s vision is for everyone to achieve greater financial wellbeing, helping people to improve their credit offers and save money.

Credit score reports are updated weekly and ClearScore provides help and support for users to improve their scores. It also presents exclusive pre-approved credit offers, personalised to the user.

ClearScore is one of the few companies on this list to be operating at a profit, reporting £1.41m in 2020. It currently operates in the UK, South Africa, and Australia, with over 15m users. To date, ClearScore has raised £143m in equity investment, secured entirely via a round with US fund Invus in June 2021.

Tide logo

26. Tide

Total amount raised: £137m
Total equity rounds: 7
Established: 2016
Location: City of London

Founded in 2016, Tide provides mobile-based current accounts for small businesses, freelancers, and scaling businesses, through its partnership with ClearBank. These accounts provide businesses with a range of time-saving and cost-cutting tools, allowing them to redirect effort towards growing their business. 

Tide offers three monthly account plans: Free; their Plus account for £9.99; and a Cashback account for £49.99. With the free account, Tide users are only charged for what they use, such as 20p per bank transfer and £1 for each cash withdrawal. The Plus account gives users 20 free transfers a month, while Cashback provides 150 free transfers.

In 2021, Tide was selected to join Tech Nation’s Future Fifty programme, due to its biggest year of growth to date. The fintech company has secured £137m worth of equity investment to date, across seven rounds, with Anthemis, Augmentum Fintech, LocalGlobe and Passion Capital, among other investors.

Prodigy Finance

27. Prodigy Finance

Total amount raised: £131m
Total equity rounds: 7
Established: 2006

Location: Westminster

Prodigy Finance operates a global platform which provides loans to people studying for a Master’s degree abroad. It’s funded by institutional and private investors, with bonds created to fund classes of students listed on the Irish Stock Exchange. Alumni, impact funds and high-net-worth individuals can then invest in loans.

Prodigy Finance was created as an alternative to traditional banks, which require collateral, co-signers, guarantors, or documentation that international students may not have. Instead, the fintech company’s business model assesses users on their future earning potential, rather than credit history.

Over 20k students have used Prodigy Finance to fund their Master’s so far, with users able to finance the specific amount they want, up to 100% of the loan. Prodigy Finance has raised £131m in investment of its own, across seven funding rounds. Notable investors include Balderton Capital, Index Ventures and South African fund AlphaCode.

66%

use a B2B model

28. Storfund

Total amount raised: £126m
Total equity rounds: 2
Established: 2018
Location: Westminster

Founded in 2018, Storfund provides cash flow management services for e-commerce businesses. The fintech company helps to eliminate marketplace payment delays and allows retailers to get paid immediately. Storfund is on Amazon in 17 out of 20 countries, alongside a growing number of other marketplaces around the world.

Acting as a ‘pay as you go’ solution, Storfund is designed for high-growth retailers, with no limit on how much can be received, and no contract. Storfund’s global wallet removes the hassle and expense of foreign exchange from its clients, many of whom operate internationally. 

Storfund reported an operating profit of £418k in its latest financial statement in December 2020. The fintech company has raised a total of £126m in investment, across two funding rounds, with investors including Fasanara Capital.

paysend logo

29. PaySend

Total amount raised: £125m
Total equity rounds: 5
Established: 2017
Location: Westminster

Currently serving over 4m customers, Paysend allows users to hold, send, and spend money online or via its mobile app, with up to 8 currencies at a time. With a Paysend account, users can send funds directly to any Visa, Mastercard, or UnionPay, in over 100 countries, as well as to bank accounts and digital wallets in certain countries.

Transfers can be made 24/7 from laptops and smartphones at a fixed, low price, delivering the money in the local or any other supported currency, using the mid-market exchange rate. There are no hidden fees or additional charges. 

In December 2021, Paysend announced a partnership with fellow fintech Tencent. To date, the fintech company has secured £125m worth of investment, across six equity funding rounds. The firm’s investors include Hermes GPE, Luxembourg-based fund Digital Space Ventures, and crowdfunding platform Seedrs.

Sonovate logo

30. Sonovate

Total amount raised:  £124m
Total equity rounds: 4
Established: 2011
Location: City of London

Sonovate provides finance and technology services to recruitment businesses, consultancies and labour marketplaces that engage contractors and freelancers across the world. Its platform delivers invoice financing solutions to free up cashflow and simplify processes. It also helps take the hassle out of managing contractors’ appointments, assignments and payments.

Since it began funding organisations in 2014, Sonovate claims to have lent £2.3b in over 40 countries, ensuring that people at more than 3.5k businesses are paid in full and on time.

Now in its growth stage of evolution, Sonovate has secured a total of £14m in equity rounds, as well as a £110m equity and loan fundraising. The scaleup company is backed by investors including Dawn Capital and MXB Holdings, amongst others.

dext logo

31. Dext

Total amount raised: £113m
Total equity rounds: 5
Established: 2010
Location: London

Formerly known as ReceiptBank, Dext develops accounting software that allows users to save and edit scanned invoices, bills and receipts which can then be shared with accountants or synchronised with bookkeeping software.

Founded in Greater Manchester in 2010 by Alexis Prenn and Michael Wood (who both remain shareholders but are no longer working at the company), Dext is now headquartered in London. It has raised £58m of equity finance, as well as an additional £55m round of equity and loan funding. Backers include Augmentum Fintech, Insight Partners, and Kennet Partners, among others.

32. Pollinate

Total amount raised: £106m
Total equity rounds: 3
Established: 2017
Location: City of London

Co-founded by Alastair Lukies CBE (CEO), Fiona Canning (Chief Product & Marketing Officer), Tim Joslyn (ex-CTO), and Jonathan Hughes (ex-COO), Pollinate develops software to improve merchant acquiring for banks by integrating into their current systems, and provides merchants with digital tools and insights into their business. Unlike many companies on this list, Pollinate is not looking to disrupt traditional banks, but allow these banks to compete with new entrants to the financial services market.

Pollinate is actively working with established banks around the world, including National Australia Bank and NatWest. Indeed, it worked with NatWest on its merchant PoS and acquiring solution, Tyl, as well as its award-winning open banking solution, Payit, and is also backed by the bank. Other investors include MasterCard, Insight Partners, Motive Partners and EFM Asset Management, among others. Together, these investors have funnelled £106m into the company.

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33. RailsBank

Total amount raised: £104m
Total equity rounds: 9
Established: 2016
Location: Hackney

RailsBank has developed an API that connects banks and other fintech companies so that they can transact digitally and in a fully compliant way. Headquartered in Hackney, the company also has offices in Newcastle, California, Germany, Lithuania, and all across the Asia-Pacific region. 

Since it was founded in 2016, RailsBank has secured a total of £104m in equity funding over nine rounds, although the company is yet to submit filings for the final round which took place in October. Investors to date include Hambro Perks, Kima Ventures, MiddleGame Ventures, Visa, Firestartr, and Outrun Ventures.

dna payments

34. DNA Payments

Total amount raised: £100m
Total equity rounds: 1
Established: 2018
Location: Westminster

DNA Payments develops software that aims to provide more efficient payment services for businesses of any size. Founded in 2018, the company claims that it is now working with over 45,000 merchants across the UK. It has made acquisitions of two other companies: Optomany in October 2019, and Zash in January 2020.

The fintech company secured its first and only funding round to date in June 2021, with £100m injected by Alchemy Partners, a private equity firm that specialises in backing undervalued or underperforming businesses.

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35. ComplyAdvantage

Total amount raised: £91.3m
Total equity rounds: 6
Established: 2014
Location: Camden

ComplyAdvantage provides an online database that details information on individuals and organisations associated with financial crime, such as money laundering and financing terrorism. The fintech therefore allows firms to understand the risks associated with the people they’re doing business with, in real-time. 

Founded by Charles Delingpole in 2014, ComplyAdvantage is now in the Established stage of evolution and has operations in the USA, Singapore and Romania. The scaleup company has secured £91.3m of equity investment, from leading venture capital firms Balderton Capital and Index Ventures, as well as Goldman Sachs.

the bank of london logo

36. The Bank of London

Total amount raised: £90.5m
Total equity rounds: 3
Established: 2016
Location: City of London

The Bank of London provides a range of business and wholesale banking services, creating the world’s borderless economic infrastructure. The company had been operating in stealth mode until 2021, with two unannounced equity deals totalling £23m—one in 2018, followed by one in 2020—before announcing a $90m (£67.8m) round in December 2021. Investors include 14W, ForgeLight, and Mangrove Capital Partners.

The fintech startup claims to be the world’s first purpose-built global clearing, agency and transaction bank, working with financial services firms of all sizes around the globe. The fintech startup launched its first products and services in November 2021, and is the first pre-revenue bank in history to achieve unicorn status upon debut.

updraft logo

37. Updraft

Total amount raised: £88.7m
Total equity rounds: 5
Established: 2017
Location: Westminster

Updraft develops a mobile app designed to provide financial planning services by alerting the user when they’re likely to overspend. It describes itself as “a part lending, part credit report, and part financial planning app for millennials.” 

The venture-stage business has just 18 employees—according to its Linkedin page—but has already secured almost £90m in investment, an unknown amount of which is debt funding. Backers include business angels, the Future Fund (managed by British Business Bank), NatWest, and Quilam Capital.

24%

founded since 2017

cloudpay logo

38. Cloudpay

Total amount raised: £87.4m
Total equity rounds: 3
Established: 2003
Location: Test Valley

One of the oldest companies on this list, Cloudpay was established in 2003. The fintech firm, which develops cloud-based software that enables multinational organisations to manage their payroll, is now in the Established stage of evolution and has achieved 20% scaleup status. 

Based in the Test Valley, near Southampton, Cloudpay secured its first round of equity finance in 2018, and has since raised a total of £87.4m. Investors include Hercules Capital, Olayan Group, Pinnacle Ventures, Rho Capital Partners, and Runway Growth Capital. The company’s latest financial statements (2020) show an impressive £30.1m in turnover, and an operating profit of -£6.6m—one of the highest on this list, despite still being negative.

Moneyfarm logo

39. Moneyfarm

Total amount raised: £86.8m
Total equity rounds: 5
Established: 2011
Location: Islington

Fintech scaleup Moneyfarm operates a digital wealth and asset management platform. The company provides 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 and financial understanding, and then assigned a customised portfolio that aligns with their investor profile.

Moneyfarm attended Tech Nation’s Upscale tech accelerator in 2017. So far, it’s made two successful acquisitions (of fellow fintechs Ernest and vaamo, in 2017 and 2018, respectively) and secured £86.8m in equity investment. The funding was raised across five rounds, with backers including Cabot Square Capital, Poste Italiane and Allianz.

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40. Payhawk

Total amount raised: £86.4m
Total equity rounds: 3
Established: 2019
Location: City of London

Payhawk develops software that aims to simplify spending and expenses for businesses. Along with its financial platform, Payhawk also provides company credit cards that offer 3% cash back. The fintech company was founded in Bulgaria in 2019 by three entrepreneurs: Boyoko Karadzhov, Konstantin Dzhengozov, and Hristo Borisov. In November 2021 it moved its headquarters to London, making it eligible to be tracked on the Beauhurst platform.

Now in its growth stage of evolution, Payhawk has secured £86.4m of funding from various business angels, Earlybird, Eleven, Greenoaks Capital Management, QED Investors, and Tiny VC.

Salary finance logo

41. Salary Finance

Total amount raised: £84.6m
Total equity rounds: 4
Established: 2015
Location: Hammersmith and Fulham

Salary Finance partners with businesses to provide financial wellbeing benefits to their employees. The scaleup’s salary-linked employee benefits are designed to help people better manage their debt, develop smarter savings habits, and gain access to earned pay. By improving team engagement, retention and productivity through its financial assistance, Salary Finance’s model aims to mutually benefit employers and employees.

Despite having just four rounds of equity funding under its belt, Salary Finance has raised an impressive £84.6m so far, from the likes of Blenheim Chalcot and Legal & General. The fast-growing fintech company has also been named on five high-growth lists since being founded in 2015, and has attended two accelerator programmes to date.  

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42. Freetrade

Total amount raised: £83.8m
Total equity rounds: 9
Established: 2015
Location: City of London

Founded in 2015 and currently operating at the Growth stage, Freetrade develops a fee-free platform for investing in stocks and funds. With more than 1m users at present, the company aims to make investing simpler and more affordable for retail customers via its mobile app.

In 2016, Freetrade entered the Octopus Labs Accelerator, a 12-week programme focused on developing fintech products. Since graduating the scheme, the company has gone on to feature on three high-growth lists, including Startups 100 and Britain’s Fastest Growing Businesses. In total, Freetrade has raised £83.3m in equity investment, across nine rounds, seven of which were facilitated by crowdfunding platform Crowdcube.

totally money logo

43. TotallyMoney

Total amount raised: £82.5m
Total equity rounds: 5
Established: 2007
Location: Hackney

TotallyMoney is a Hackney-based fintech company, on a mission to help people move their finances forward and achieve their financial goals. The scaleup has developed a free mobile app which provides customers with live credit scores and currently has over 4m users.

Founded in 2007, TotallyMoney has now raised £82.5m worth of equity fundraisings, across five rounds, mostly from Scottish Equity Partners and other undisclosed investors. It’s also featured on the Deloitte Fast 50 and Fast Track Tech Track 100 (both in 2011), as well as the London Stock Exchange Group’s 1000 Companies to Inspire Britain (in 2018).

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44. Elliptic

Total amount raised: £79.5m
Total equity rounds: 7
Established: 2013
Location: City of London

Elliptic develops anti-money laundering compliance software. At the forefront of innovation in the fintech and regtech space, the company uses blockchain analytics to guard against financial, cryptocurrency-enabled crime, and enables businesses to manage risk  across more than 100 different cryptoassets.

Founded in 2013, Elliptic has attended both the Seedcamp and NCSC Cyber Accelerator programmes, and been named on four high-growth lists. The company has raised £79.5m in equity investment to date, across seven funding rounds, with the likes of AlbionVC, Digital Currency Group, Softbank Vision Fund and Octopus Ventures. It was also awarded a £5k innovation grant from Innovate UK back in 2015.

paddle logo

45. Paddle

Total amount raised: £77.0m
Total equity rounds: 7
Established: 2012
Location: City of London

Paddle has developed a revenue delivery platform for businesses, particularly in the SaaS sector. Software-as-a-service has seen meteoric growth over the past decade, but payment, compliance, and data governance infrastructure has struggled to match its pace. Paddle aims to remove the friction for scaling SaaS companies by running everyday tasks, such as subscriptions and renewals, billing, and currency exchange.

Having featured on the Deloitte Fast 50 for the past five years running, alongside several other high-growth lists, Paddle is continuing to grow at pace. In total, the company has secured £77m worth of equity investment so far, across seven funding rounds. Notable backers include BGF, Kindred Capital VC, 83North and Notion Capital. Paddle has also attended both the Future Fifty and Upscale accelerator programmes, both run by Tech Nation. It acquired Ukrainian app development platform DevMate in 2017.

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46. TransferGo

Total amount raised: £73.4m
Total equity rounds: 8
Established: 2012
Location: Southwark

Founded in 2012 and based in Southwark, TransferGo has created an online payment system that enables its users to transfer money internationally. Operating in the tech for good space, TransferGo is hoping to improve access to financial services for migrants via its affordable payments platform. It currently has over 3.5m customers, and supports transfers to over 150 countries, with offices across Europe, including London, Vilnius, Berlin and Warsaw. 

TransferGo has secured a total of £73.4m in equity funding to date, across nine rounds between 2013 and 2021. Its long list of investors include Seedrs, Black River Ventures, Bootstrap Europe, Elbrus Capital, and Milano Investment Partners.

marketfinance

47. MarketFinance

Total amount raised: £69.7m
Total equity rounds: 9
Established: 2010
Location: Hackney

MarketFinance is a fintech scaleup that provides quick and easy funding solutions for businesses. The lender’s risk engine technology calculates a tailored interest rate for applicant companies, with businesses able to make repayments weekly or monthly. MarketFinance also offers invoice finance to help businesses settle their outstanding customer invoices. 

To date, MarketFinance has raised nine equity funding rounds, amounting to £69.7m in investment, from investors such as Mouro Capital and Northzone Ventures. On top of this, the company received a £10m innovation grant, awarded in September 2020. It’s also featured on numerous high-growth lists, and attended two accelerator programmes: the Mayor’s International Business Programme (London & Partners) and Future Fifty (Tech Nation).

48. Wagestream

Total amount raised: £64.6m
Total equity rounds: 4
Established: 2018
Location: Camden

Wagestream has developed an app through which employees can access their pro-rata earnings whenever they need them, rather than wait for a monthly salary payment. Through providing employees with greater control over their cash flow, 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. 

Since launching in 2018, the consumer fintech has gone on to raise a total of £64.6m in equity finance, through four funding rounds. Wagestream’s investors include Balderton Capital, Northzone Ventures, impact fund Fair by Design (managed by Ascension) and the Joseph Rowntree Charitable Trust.

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49. Brightpearl

Total amount raised: £62.1m
Total equity rounds: 8
Established: 2007
Location: City of Bristol

Brightpearl develops a centralised system for small businesses in the e-commerce, retail and wholesale space. It offers a range of solutions, from order management and inventory to financial management, warehousing, and more. Its back office management software aims to negate the need to re-enter information across multiple systems such as CRMs and accounting software packages. 

The Bristol-based fintech scaleup has secured £62.1m in fundraisings so far, across eight equity rounds. Its backers include MMC Ventures, Notion Capital, Columbia Lake Partners, and VentureFounders. Alongside equity investment, Brightpearl was awarded a £237k innovation grant in 2015, and recently acquired French retail forecasting platform Inventory Planner.

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50. iwoca

Total amount raised: £61.0m
Total equity rounds: 9
Established: 2011
Location: Westminster

iwoca provides SMEs in the UK with short-term loans. Businesses can apply for a loan ranging from £1k-£200k, with early-stage startups restricted to a maximum credit limit of £10k. Most small businesses tend to use these loans to bridge short-term cash flow gaps and invest in stock opportunities.

A key feature of iwoca’s business model 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.

To date, iwoca has received a £10m innovation grant (in mid-2019) and £61m worth of equity investment, secured across nine funding rounds. The fintech company’s backers include Augmentum Fintech, Talis Capital, Global Founders Capital, and Prime Ventures. It’s also featured on numerous high-growth lists, and has attended both the Future Fifty accelerator and the Mayor’s International Business Programme.

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