The Fintech Top 50
We’ve ranked the UK’s top 50 fintech companies by the 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 startups.
Fintech companies often use artificial intelligence, machine learning algorithms, blockchain and automation, along with other kinds of digital banking technology. Read our Ultimate Guide to Fintech to learn more. Or, check out our recent blog on the top London-based early-stage fintech startups.
Fintech in the UK
Fintech is one of the UK’s strongest startup sectors, with more than 1,500 high-growth fintech companies currently active, 20 fintech unicorns (around half of the UK’s billion-dollar startups), and more venture capital investment than any other industry. Collectively, UK fintech companies have raised £30.5b in equity funding so far, with a staggering £6.42b of that secured this year alone.
As they continue to grow, these fintech startups and scaleup companies are successfully disrupting 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 12 July 2023.
1. Checkout.com
Total amount raised: £1.36b
Total equity rounds: 4
Established: 2012
Location: Hackney
The first of the fintech companies on this list is startup unicorn 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 and 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. The firm’s clients include leading brands like Sony, Klarna and Deliveroo.
Altogether, Checkout.com has raised £1.36b in equity investment, across four funding rounds, and acquired three other startups (ProcessOut, Pin Payments and Icefire). The fintech company’s backers include Blossom Capital and Insight Partners.
2. Revolut
Total amount raised: £1.27b
Total equity rounds: 10
Established: 2013
Location: Tower Hamlets
Another fintech unicorn, challenger bank Revolut provides a financial services and digital banking app where users can track and send money, trade cryptocurrency, and more.
Revolut serves over 18m customers worldwide, offering 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 currency of their choice (including cryptocurrencies) and four times the standard surcharge-free ATM allowance.
In December 2021, Revolut was granted a full banking licence by the European Central Bank. Also last year, it acquired Nobly and Wanted. To date, the company has secured £1.27b in equity investment, across nine funding rounds, with the likes of Seedcamp, Index Ventures, Molten Ventures (formerly Draper Esprit), Ribbit Capital, Schroders and Tiger Global, amongst others.
3. Monzo
Total amount raised: £927m
Total equity rounds: 14
Established: 2015
Location: City of London
Also operating a challenger bank is Monzo. Fully authorised and regulated by the PRA and FCA, over 6m 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, and 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.
With an impressive 14 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.
4. Starling Bank
Total amount raised: £715m
Total equity rounds: 9
Established: 2014
Location: City of London
Winner of the Best British Bank award for four consecutive years from 2018 to 2021, Starling Bank operates a challenger bank as well. 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 has secured £715m in equity fundraisings so far, through nine rounds, alongside a £100m innovation grant in February 2019. It also acquired Hampshire-based lender Fleet Mortgages in July 2021.
5. 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 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, and has been listed on several high-growth lists. Its backers include NIBC Bank, Softbank Vision Fund, Clermont Group, and Coltrane Asset Management.
6. Atom
Total amount raised: £635m
Total equity rounds: 15
Established: 2013
Location: County Durham
Another challenger bank on the list is Atom, the first app-based bank in the United Kingdom. It provides digital banking services, including 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 year-round. Mortgage repayments can be monitored through the app, with Atom providing an independent broker to offer advice on the best deal.
Atom has secured £635m in equity fundraisings so far, across 15 rounds. Investors include Anthemis, Conviction Investment Partners, Middleton Enterprises and Toscafund, amongst others. The fintech company has acquired one other startup, Grasp, and has also been awarded three large innovation grants, totalling more than £10m in additional funding.
7. Zopa
Total amount raised: £582m
Total equity rounds: 13
Established: 2004
Location: Southwark
Formerly a global peer-to-peer (P2P) lending platform, Zopa now operates an online bank. 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 Bank was launched in 2020 and has been granted a full banking licence.
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 £582m worth of equity investment to date, across 13 funding rounds, from the likes of Augmentum Fintech, Finch Capital, Balderton Capital and VentureFounders.
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8. Zepz
Total amount raised: £528m
Total equity rounds: 10
Established: 2009
Location: Westminster
Founded in 2009, fintech company Zepz (previously WorldRemit Group) develops an online platform for migrants and expats to send remittances abroad. Zepz’s brands now include WorldRemit and Sendwave.
Sendwave is used by over 800k customers, as a fast and convenient way to transfer money to people in Africa and Asia. Meanwhile, the WorldRemit app allows users to send money online to over 130 countries. It boasts better exchange rates and lower fees than most conventional banks and transfer services, and 95% of its transfers are ready in minutes.
In 2020, Zepz transferred over $10b for customers and processed over 50m customer transactions. Prior to rebranding, WorldRemit featured on the shortlist for BusinessCloud’s FinTech 50 for most innovative financial technology companies in 2021. In total, Zepz has raised £528m in equity investment, across 10 funding rounds, from the likes of Accel and Technology Crossover Ventures (TCV).
9. SumUp
Total amount raised: £526m
Total equity rounds: 6
Established: 2011
Location: Westminster
Payment processing firm SumUp allows sellers to process payments using smart devices. SumUp operates across 34 markets, on three continents, and works with over 3m businesses. The fintech company was founded in 2011 and has acquired a total of six companies since then, including Payleven, Shoplo and Tiller.
SumUp has secured £526m in equity investment so far, across six funding rounds. This includes backing from Blackrock, Bain Capital Tech Opportunities, Fin Capital, and several other investors. SumUp’s latest deal, in June 2022, saw the firm secure £506m in equity and loan fundraising to help develop their product, expand, and support further acquisitions.
The fintech company has also ranked on the Deloitte Fast 50 high-growth list in 2019 and the 100 FinTech Disrupters list in 2020.
10. Thought Machine
Total amount raised: £398m
Total equity rounds: 7
Established: 2015
Location: Camden
Founded by former Google employees, Thought Machine develops core and payments technology for the financial services sector, including tier 1 banks and challengers. Its mission is to build the foundations of modern banking, liberating them from the constraints of outdated legacy technology.
Thought Machine develops two products: Vault Core and Vault Payments. Vault Core is a cloud-native core banking platform in production with global Tier 1 banks and fintechs worldwide. Vault Core is entirely flexible and can be configured to run any bank. Vault Payments is a cloud-native payment processing platform enabling any bank to run all payment types for every method, scheme, and region globally.
Thought Machine has secured £398m in equity fundraising across seven rounds. The company’s cap table includes the likes of Morgan Stanley, IQ Capital, Standard Chartered Ventures, JPMorgan Chase, Temasek, Molten Ventures and British Patient Capital.
11. GoCardless
Total amount raised: £392m
Total equity rounds: 8
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. They 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 60k 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 £392m in equity funding so far, across eight rounds, with Accel, Notion Capital, GV (Google Ventures), among numerous other investors.
12. Tandem
Total amount raised: £362m
Total equity rounds: 17
Established: 2013
Location: Blackpool
Tandem is a fintech bank providing financial services and money management with a focus on sustainability. Its mission is ‘to make it easier for people to choose greener homes, transport and lifestyles’.
As one of the original digital challenger banks, Tandem has established an integrated consumer lending platform (both online and an app) enabling customers to make safe and straightforward greener financial choices for their home and everyday living. More widely, Tandem is highlighting the gap between consumer intention and action on sustainability via its Green Gap Index.
In total, Tandem has secured £362m in equity investment, across an impressive 17 funding rounds. Investors include e.ventures, Omidyar Network, Route 66 Ventures, Pollen Street Capital, and crowdfunding platform Seedrs. The company has also acquired five companies to date: Harrods Bank, Pariti, Allium Money, Oplo and Loop Money.
13. Teya
Total amount raised: £358m
Total equity rounds: 2
Established: 2019
Location: City of London
Teya—also trading as SaltPay—develops payment processing and point-of-sale technology for SMEs, also offering support tailored to its customers. The fintech startup was founded to create affordable, fast and secure solutions, to help small businesses and entrepreneurs automate their payment processes.
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, in 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 an impressive £358m in equity investment. It has also made four acquisitions so far, of foreign competitors Borgun, Pagaqui and Tutuka, and UK-based payment authorisation firm Paymentology.
14. Blockchain.com
Total amount raised: £356m
Total equity rounds: 5
Established: 2011
Location: Hackney
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 token) marketplace. It’s also made four acquisitions to date: Stratagem Technologies in 2018, both AiX and SeSocio in 2021, and Magic Carpet AI in 2022. So far, the fintech company has raised £356m in equity investment, across five funding rounds, with investors including GV (Google Ventures), Mosaic Ventures, and Baillie Gifford.
15. Allica Bank
Total amount raised: £350m
Total equity rounds: 12
Established: 2011
Location: City of London
Operating through a digital banking platform and network of local bankers, Allica Bank provides a branchless bank to 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.
The challenger 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. It was granted its banking licence in 2019, and has offices in Milton Keynes and London, with a team of managers across England and Wales.
The fintech company has raised £350m in equity funding so far, secured across 12 rounds. Allica Bank’s investors include Warwick Capital Partners and Atalaya Capital Management.
16. ClearBank
Total amount raised: £348m
Total equity rounds: 6
Established: 2015
Location: London
ClearBank operates a clearing bank that uses 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.
The company’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. It has won several awards, including ‘Pioneer of the Year’ at the British Bank Awards in 2020, and first place on Deloitte’s UK Technology Fast 50 ranking in 2021. The fintech company has also secured £351m in equity investment so far, in six rounds, with investors including Apax Partners, Clearwater International and PPF Group. On top of this, ClearBank was awarded a £60m innovation grant in early 2019.
17. Smart
Total amount raised: £273m
Total equity rounds: 11
Established: 2014
Location: Westminster
Founded in 2014, Smart develops software which provides a variety of pension services, including its own pension scheme. It also develops custom enterprise software for international markets. One of the UK’s largest pension providers, Smart operates in the UK, the US, Ireland, Australia and Dubai, works with over 91k employers, and serves over 950k people. In 2022, the firm is seeking to make its first acquisition of Stadion Money Management.
Through 11 funding rounds, Smart has raised £273m in equity investment to date. The fintech company’s backers include DWS Group, Chrysalis Investments, J.P. Morgan Asset Management, Legal & General Investment Management, Link Group and Natixis Investment Management. Smart also attended the Mayor’s International Business Programme in 2019, and featured on the Lazard T100 European Venture Growth Index in 2021.
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18. Zilch
Total amount raised: £293m
Total equity rounds: 8
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 buy now, pay later 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 also an 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 2% cashback.
Zilch has raised a total of £293m in equity investment so far, across eight funding rounds, with investors including Gauss Ventures, DMG Ventures, and Ventura Capital. In August 2021, it acquired US-based debt funding platform Neptune Financial (NepFin), with plans to expand into the American market.
19. TrueLayer
Total amount raised: £249m
Total equity rounds: 9
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 twice featured on both the FinTech 50 and WealthTech 100 rankings, amongst other high-growth lists. It has raised £249m in equity investment so far, across nine funding rounds, with investors including Anthemis and Northzone Ventures.
20. PPRO Group
Total amount raised: £243m
Total equity rounds: 5
Established: 2006
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 offering 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 11 offices, throughout Asia, Europe, and North and Latin America. Its current business partners include PayPal, Adobe and Alipay amongst others. PPRO Group has secured five equity funding rounds so far, amounting to £243m in investment, from backers including Citi Ventures and Eurazeo. It has also acquired two companies: allpago and Alpha Fintech.
21. PrimaryBid
Total amount raised: £240m
Total equity rounds: 9
Established: 2012
Location: Westminster
Westminster-based fintech company PrimaryBid allows private investors to purchase shares in listed companies at discounted rates. Through its online platform, PrimaryBid aims to create fairer access to public markets for everyone. It currently operates in the UK and launched in France last year.
PrimaryBid has attended three accelerator programmes so far: the Fintech Innovation Lab London in 2018, Tech Nation Fintech from 2019 to 2020, and Future Fifty from 2021 onwards. The company has secured £240m in equity investment so far, across nine funding rounds. Its backers include Molten Ventures, Pentech Ventures, Softbank Vision Fund and Outward VC. Its latest equity round closed in December 2022.
22. Copper
Total amount raised: £238m
Total equity rounds: 6
Established: 2018
Location: Westminster
Copper is the first of five new editions to this ranking from last year. The 2018-founded startup develops a software platform which provides custody and portfolio management services for digital assets and investments. Copper also creates research reports and a podcast (Coppercast) to offer insights into the digital asset ecosystem.
To date, the company has secured £238m in equity investment over six rounds. Its largest round—which raised £191m—closed two weeks after the publication of our ranking last year. Since then, Copper has raised another round in February 2023 to the tune of £4.06m. Notable investors include Dawn Capital, Greater London Fund (Equity), Illuminate Financial Management, LocalGlobe, Barclays and Target Global.
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23. Paddle
Total amount raised: £233m
Total equity rounds: 7
Established: 2012
Location: Islington
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 have 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 £239m worth of equity investment so far, across eight 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, managed by Tech Nation. It acquired Ukrainian app development platform DevMate in 2017 and US-based business intelligence platform ProfitWell in 2022.
24. Zego
Total amount raised: £227m
Total equity rounds: 9
Established: 2016
Location: Hackney
Unicorn fintech and insurtech company Zego provides pay-as-you-go courier and food delivery insurance for drivers. Founded in 2016, the firm has insured over 200k vehicles, for thousands of businesses, and operates in nine countries. Zego has also partnered with companies such as Uber, Bolt and FreeNow, and made its first acquisition in 2020 (Portuguese firm Drivit).
Backed by investors including Balderton Capital and Latitude Investment Management, Zego has raised £210m in equity investment, across eight funding rounds. It has also attended three accelerators so far: Upscale, Future Fifty and the Mayor’s International Business Programme. Zego appeared on both the BusinessCloud InsurTech 50 and the Deloitte Fast 50 in 2021 and was deemed one of Europe’s fastest-growing companies in 2022 by the FT1000.
25. 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 investment, from the likes of Oliver Wyman, JPMorgan Chase & Co and Nationwide Ventures.
26. Lenable
Total amount raised: £216m
Total equity rounds: 8
Established: 2014
Location: Hackney
Founded in 2014, Lendable is a peer-to-peer lending platform for consumer finance that rapidly approves loans using AI and automated underwriting. Its aim is to simplify and shorten the process of getting a loan. Lendable works with companies including ClearScore, TotallyMoney and GoCompare.
The fintech company has secured £217m in equity investment so far, across nine funding rounds. Lendable’s latest funding round, in March 2022, was its largest to date and will be put towards developing new products and expanding internationally. It has also attended the AG Elevate accelerator programme and appeared on both the Fast Track Tech Track 100 and Deloitte Fast 50 high-growth lists, as well as the FT1000 in 2022.
27. Genesis
Total amount raised: £199m
Total equity rounds: 5
Established: 2015
Location: Islington
Genesis is a SaaS fintech company which is developing a low-code software platform. Based on microservices architecture, it helps to increase productivity across the finance sector. The company’s solution is a buy-to-build model, specifically aimed for financial market organisations.
Headquartered in London, Genesis also has offices in Miami, New York, Dublin, São Paulo, Leeds, Charlotte, and Bangalore. It is part of the 2022 cohort of the Fuse accelerator, a programme aimed at developing new digital technology companies.
Genesis has secured a total of £199m in equity investment so far, across five funding rounds. Backers include Accel, GV, Illuminate Financial Management and Insight Partners. The company’s most recent equity fundraising, completed in July 2022, was intended to create applications and solutions faster for clients.
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newcomers to the ranking
28. Updraft
Total amount raised: £197m
Total equity rounds: 6
Established: 2017
Location: Westminster
Updraft is the second new edition to this ranking. The company develops a mobile app designed to provide financial planning services, including providing lower loan rates based on user bank and credit profiles, and advice to improve credit scores. The app—which is currently rated 4.6 stars on Trustpilot— has over 250k customers.
To date, the company has raised £197m across six rounds. In its most recent round, which closed in December 2022, the company raised funds to support team hiring and the development of new products and features, as well as to support continued lending to customers. Notable investors in the company include Future Fund, Quilam Capital, Auluk Investments, Faber Capital, LC Nueva, Majlis Investments and NatWest.
29. Wagestream
Total amount raised: £194m
Total equity rounds: 5
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. By 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-focused fintech has gone on to raise a total of £194m in equity finance, through five funding rounds. It also appeared on the 100 FinTech Disrupters high-growth list in 2019. Wagestream’s investors include Balderton Capital, Northzone Ventures, impact fund Fair by Design (managed by Ascension), Joseph Rowntree Charitable Trust and BlackRock.
30. 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. It has received backing from Accel and Connect Ventures, among others. Soldo has also attended the Future Fifty and Mayor’s International Business Programme accelerators, alongside appearing on the Deloitte Fast 50 high-growth list in 2021.
31. Monese
Total amount raised: £185m
Total equity rounds: 8
Established: 2013
Location: Westminster
With over 2m users, spread 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). The company 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, so long as they’re aged 18 or above and live in the UK or the European Economic Area (EEA).
In April 2021, Monese joined the Future Fifty accelerator, a leading European growth programme for late-stage tech scaleups. The firm has also appeared on several high-growth lists, most recently the FT1000 in 2022. Altogether, the fintech company has £151m in equity investment under its belt, secured across six funding rounds, as well as a £883k Horizon 2020 innovation grant from 2016.
32. Tide
Total amount raised: £179m
Total equity rounds: 8
Established: 2015
Location: City of London
Founded in 2015 and launched in 2017, 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 efforts towards growing their business.
Tide offers three monthly account plans: Free, their Plus account for £9.99, their Pro account for £18.99, 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.
Tide has secured £179m worth of equity investment to date, across eight rounds, with Anthemis, Augmentum Fintech, LocalGlobe and Passion Capital, among other investors. In 2021, the fintech company was selected to join Tech Nation’s Future Fifty accelerator programme, following its biggest year of growth to date. It has also appeared on several high-growth lists, including the FT1000 in 2022.
33. Prodigy Finance
Total amount raised: £107m
Total equity rounds: 6
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 being 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 bank loans, 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 degree so far, with users able to finance the specific amount they want, up to 100% of the loan. Prodigy Finance has itself raised £107m in equity investment so far, across five funding rounds. Notable investors include Balderton Capital, Index Ventures, and South African fund AlphaCode.
34. 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.
Form3 has ranked multiple times on both the FinTech 50 and 100 FinTech Disrupters high-growth lists. To date, the company has raised £155m worth of equity investment, across five rounds. Its investors include 83North, Angel CoFund and Molten Ventures.
35. Curve
Total amount raised: £165m
Total equity rounds: 11
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 through physical or virtual card payments (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 £165m worth of equity investment, across 11 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.
36. 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 fintech platform delivers invoice financing solutions to free up cash flow 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 more than £4b, in over 40 countries, ensuring more than 30k businesses and individuals are paid in full and on time.
Now in its growth stage of evolution, Sonovate has secured £124m in equity investment, across four funding rounds. The scaleup company is backed by investors including Dawn Capital and MXB Holdings. It has also appeared on three different high-growth lists, most recently the Wales Fast Growth 50 in 2020.
37. ClearScore
Total amount raised: £143m
Total equity rounds: 1
Established: 2014
Location: Lambeth
ClearScore provides financial services via its website and mobile app, including free credit scores. The fintech company’s vision is for users 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 currently operates in the UK, South Africa, Australia and Canada, with over 19m users. To date, it has raised £143m in equity investment, secured via one round with US fund Invus in June 2021. Additionally, the fintech company has featured on several high-growth lists, namely Fast Track’s Tech Track 100, the FinTech 50, the Queen’s Awards for Innovation in 2020, and the FT1000 in 2021.
16%
founded since 2017
38. Fresha
Total amount raised: £136m
Total equity rounds: 5
Established: 2016
Location: Waterloo
Fresha develops an online platform for booking a range of beauty and wellness services, and for businesses to manage their appointments, records and financials. To date, there have been over 700m appointments booked on the platform. The Camden-based company—which operates in over 120m countries— has over 100k partner businesses.
Since launching in 2014, the company has raised £136m across five equity rounds. Among the company’s notable backers are FJ Labs, General Atlantic, Partech, BECO Capital, HB Investments, Lumia Capital, Target Global and VC Partech. Mostly recently Fresha made its first acquisition—that of Australian startup Bookwell— in February 2022.
39. Pollinate
Total amount raised: £135m
Total equity rounds: 5
Established: 2017
Location: City of London
London-based fintech company Pollinate develops software to improve merchant acquiring for banks. It does so 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 banking, but allow it 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. It recently 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. Overall, Pollinate has secured £135m in equity investment so far, across five funding rounds.
40. Modulr
Total amount raised: £133m
Total equity rounds: 9
Established: 2015
Location: Hammersmith and Fulham
Modulr simplifies the process of sending and receiving payments for companies, through its web-based payment processing APIs. The fintech company’s three payment solutions are Automate, Embed and Launch. Trusted by businesses including Revolut, Safe, and Zumo, Modulr has processed £130b worth of payments and 190m transactions to date.
Back in 2019, Modulr received a grant worth £10m from the Capability and Innovation Fund. It has also secured £133m in equity investment so far, across nine funding rounds, from investors including Blenheim Chalcot, General Atlantic and Highland Europe. Modulr’s latest round of funding, worth £83m, will help it expand within the UK and across Europe, as well as develop the use of open banking and account payments. The company’s impressive growth has seen it rank on several high-growth lists, including the FT1000 in 2022.
41. Moneyfarm
Total amount raised: £131m
Total equity rounds: 6
Established: 2011
Location: Islington
Moneyfarm operates a digital asset and wealth management platform. The company provides customised investment portfolios to its clients through the digital investment platform. 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 accelerator in 2017 and, so far, has made two successful acquisitions (fellow fintech startups Ernest and Vaamo, in 2017 and 2018, respectively). The company has secured £131m in equity investment, across six rounds, with backers including Cabot Square Capital, Poste Italiane and Allianz.
42. Cloudpay
Total amount raised: £131m
Total equity rounds: 4
Established: 2003
Location: Test Valley
Cloudpay, another new addition to the ranking, develops cloud-based software that enables multinational organisations to manage their payroll. Among its 250 global customers are Visa, London Stock Exchange Group (LSEG), Groupon and Expedia. The company processes over 2.5 million payslips a year in 130 countries, handling over $24b of payments in 168 currencies.
Founded in 2003, the company has achieved 20% scaleup status and is featured on the Thames Valley 250 high-growth list. To date, Cloudpay has raised £131m in equity investment across four rounds. Its latest round, worth £43.2m, closed in October 2022 and will be used for research and development purposes. Notable investors in the company include Hercules Capital, Olayan Group, Pinnacle Investment Management, Rho Ventures, Runaway Growth Capital and The Olayan Group.
43. Dext
Total amount raised: £129m
Total equity rounds: 7
Established: 2010
Location: Hackney
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 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.
Dext has raised £113m of equity finance so far, across five funding rounds. Backers include Augmentum Fintech, Insight Partners and Kennet Partners. The fintech company has attended two accelerators and appeared on numerous high-growth lists, most recently the Lazard T100 Europe Venture Growth Index in 2021. And in 2020, Dext acquired its first company Xavier Analytics.
44. Storfund
Total amount raised: £127m
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 17 Amazon marketplaces, including in the UK, US and Germany, 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.
The fintech company has raised a total of £126m in equity investment, across two funding rounds. Its investors include Fasanara Capital and Union Bancaire Privée, alongside angel investors.
45. PaySend
Total amount raised: £125m
Total equity rounds: 7
Established: 2017
Location: Westminster
Currently serving over 7m customers, Paysend allows users to hold, send, and spend money online or via its mobile app, with up to eight currencies at a time. With a Paysend account, users can send funds directly to any Visa, Mastercard or UnionPay card, in over 150 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 also no hidden fees or additional charges.
Paysend attended the Mayor’s International Business Programme accelerator and has appeared on the 100 FinTech Disrupters and Deloitte Fast 50 high-growth lists. To date, the fintech company has secured £125m worth of equity investment, across seven funding rounds. Its investors include Hermes GPE, Luxembourg-based fund Digital Space Ventures, and crowdfunding platform Seedrs.
46. The Bank of London
Total amount raised: £123m
Total equity rounds: 4
Established: 2016
Location: City of London
The Bank of London provides a range of business and wholesale banking services, with the aim of creating the world’s borderless economic infrastructure. 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 company had been operating in stealth mode until 2021, with two unannounced equity deals, before announcing a £67.8m ($90m) round in December 2021 and a second one in February 2023 for £33.0m. These four rounds take its total equity investment raised to £123m. Investors include 14W, ForgeLight and Mangrove Capital Partners.
The Bank of London launched its first fintech products and services in November 2021 and claims to be the first pre-revenue bank in history to achieve unicorn status upon debut.
47. Codat
Total amount raised: £118m
Total equity rounds: 7
Established: 2016
Location: Islington
Islington-based fintech company Codat develops an API that allows developers to integrate financial systems into their business’s product, thereby making access to consented business data easier. Codat was co-founded by Peter Lord, David Hoare and Alexander Cardona, and has offices in New York and Sydney, in addition to its London headquarters.
Codat has attended the Mayor’s International Business Programme accelerator and received grants from the Capability and Innovation Fund, Banking Competition Remedies, and RBS, totalling £12.5m. The company has also secured £118m in equity investment, across seven funding rounds, with international investors including Index Ventures, JP Morgan Private Bank, American Express, Paypal Ventures and Shopify.
48. Featurespace
Total amount raised: £116m
Total equity rounds: 9
Established: 2005
Location: South Cambridgeshire
The last new addition to our ranking this year is Featurespace. The company develops software that uses machine learning to analyse customer activity, aiming to predict future individual behaviour. It also aims to prevent and intercept online fraud and optimise marketing conversions in real-time. HSBC, Natwest and ClearBank are all customers of Featurespace.
Since its inception in 2005, Featurespace has gone on to achieve a 20% scaleup status as well as attending the Future Fifty accelerator in 2018. The company has also been featured in a staggering 17 high-growth lists including Deloitte Fast 50, The FinTech50, FT 1000 and BusinessCloud RegTech 50. To date, the company has raised £116m across nine equity rounds. Notable investors include Cambridge Angels, Chrysalis Investments, Highland Europe, Insight Partners, IP Group and Touchstone Innovations.
49. Freetrade
Total amount raised: £113m
Total equity rounds: 10
Established: 2015
Location: City of London
Founded in 2015, 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 from the scheme, the company has gone on to feature on four high-growth lists, including Startups 100, Britain’s Fastest Growing Businesses, the 100 FinTech Disrupters (twice) and, most recently, the Lazard T100 European Venture Growth Index in 2021.
In total, Freetrade has raised £113m in equity investment, across 10 funding rounds. And seven of these deals were facilitated by crowdfunding platform Crowdcube. The fintech company’s backers include Molten Ventures, Phoenix Group and Capricorn Investment Group.
50. Cleo
Total amount raised: £108m
Total equity rounds: 5
Established: 2015
Location: Hackney
SaaS fintech company Cleo offers money-tracking and budgeting software delivered through a chat interface. The AI-powered digital assistant, which is predominantly aimed at Gen Z users, has already helped 4m people on their financial health journeys.
Founded in 2015, Cleo has taken part in two accelerator programmes so far: Entrepreneur First and Upscale. The company was also listed on the 100 FinTech Disrupters and FinTech 50 high-growth lists, in 2019 and 2020, respectively.
With backing from Balderton Capital, LocalGlobe and EQT Ventures, amongst others, Cleo has secured £108m in equity investment to date, across five funding rounds. The latest of these equity deals, in June 2022, saw the company secure its largest-ever investment (£64.8m), to aid in hiring and expanding its services.
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