The Fintech United Kingdom Fifty Movers And Shakers in 2022

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The fintech United Kingdom fifty movers and shakers in 2022

The UK has recently enjoyed a very successful track record in fintech startups. The fintech industry is growing at an incredible rate and, until very recently, has shown no sign of slowing down. New startups and software are introduced yearly to make the financial services industry more efficient and user-friendly. From blockchain technology and digital wallets to Artificial Intelligence and machine learning algorithms, fintech has become incredibly dynamic, with new innovations popping up daily. 

Fintech innovation has significantly impacted the finance sector; from personal finances to business banking, almost every area of finance has been impacted in some way by fintech or related technologies. 

However, with so many different sub-sectors within the financial services industry, it isn’t easy to see precisely where fintech will have its biggest impact on our lives in the future. Here we will take a look at how fintech innovation will impact the future of money and personal finance.

Despite the fast-moving economic conditions, fintech is a significant part of the UK economy and warrants as much support and guidance as possible, especially in growth and opportunity management. 

Despite the current challenging positions, Fintechs will hopefully see continued long-term growth and determine significant competitive advantage—especially the select few who are our clients. But they will have to keep innovating, beating the big banks at customer service and avoid developing products similar to many others in the market. “Me to” product marketing will no longer cut it. 

Innovation within fintechs

We’ve compiled a list of the UK’s 50 leading fintech firms and ordered by the total amount of equity funding they have received.

The innovation behind fintech is to make money for the founders and the business. But still, there is a genuine desire for their innovation to enable financial services to be more efficient and accessible for businesses and consumers. The term fintech includes technology businesses associated with challenger banks, payment processors, budgeting apps, and cryptocurrency. Fintech firms frequently employ artificial intelligence, machine learning algorithms, blockchain, and other digital financial technology. Fintech is considered the 

UK’s most significant startup sector. Fintech has produced over 1400 high-growth fintech businesses, 20 fintech unicorns (about half of the country’s billion-dollar startups), and received more venture capital funding than any other industry. UK fintech firms have raised a total of £21.9b in equity funding, with £7.41b raised in 2021 alone.

The Fintech United Kingdom top 50

These fintech startups and scaleup companies are transforming the traditional banking and financial services industry as they hopefully continue to grow and innovate. As discussed, as Octopus Intelligence is a specialist in supporting fintechs to develop their competitive landscape enablement we have compiled and ranked this list by the amount each fintech has raised publically via private equity rounds and debt financing. 

1. Checkout.com

Amount raised: £1.4bn

Total equity rounds: 4

Location: Hackney, London

Established: 2012

Web: Checkout.com

Startup unicorn Checkout.com develops software for businesses to process online payments in over 150 currencies. Checkout.com’s platform helps manage all payment process stages, combining several payment technologies. It accepts various payment methods, including Mastercard, Visa, American Express, and others. 

Checkout.com provides machine learning to identify risky transactions. A risk-score solution preventing fraudulent activity and secure payments. Clients include Klarna, Sony and Deliveroo. Checkout.com has raised £1.4bn in equity over four funding rounds. It has acquired Pin Payments, ProcessOut and Icefire. Backers include Blossom Capital and Insight Partners.

2. Revolut

Established: 2013

Amount raised: £1.3bn

Equity rounds: 9

Location: Tower Hamlets, London

Web: revolut.com

Unicorn challenger bank Revolut provides financial services and a digital banking app to track, send money, and trade cryptocurrency. 

Revolut serves over 18m customers over the world. They offer several accounts, including free standard accounts, £2.99 per month Plus, £6.99/per month Premium and £12.99/per month Metal accounts. Each plan offers other perks, such as access to cashback in fiat and cryptocurrencies and surcharge-free ATM allowances. In December 2021, Revolut was granted a banking licence by the European Central Bank. And it has acquired Nobly and Wanted and secured £1.3bn investment from Schroders, Seedcamp, Index Ventures, Molten Ventures, Ribbit Capital and Tiger Global.

3. Monzo

Established: 2015

Total amount raised: £930m

Equity rounds: 17

Location: City of London

Web: monzo.com

Monzo is also a challenger bank with more than 6 million customers using them to manage and spend their money worldwide. They employ over 1,600 people in London and Cardiff. Monzo offers three digital banking accounts, including its original no-fee digital bank account, a Monzo Plus at £5 per month and Monzo Premium at £15 per month. Their Premium account includes phone and travel insurance and up to £600 worth of free foreign withdrawals every 30 days. In September 2021, Monzo introduced Monzo Flex. This is their buy-now, pay-later service that allows shoppers to split purchases into three interest-free payments.

4. Starling Bank

Established: 2014

Raised: £720m

Equity rounds: 9

Location: City of London

Web: starlingbank.com

Starling Bank has raised around £720m in equity funding through nine rounds, in addition to a £100m innovation grant in February 2019. It also acquired Fleet Mortgages, a Hampshire-based lender, in July 2021.

Users receive instant spend and income notifications, experience no overseas fees, and receive 24/7 support through the company’s mobile banking app. It’s Bills Manager, which helps customers pay their bills on time and manage their money better. Users can pay Direct Debits and standing orders automatically from a Saving Space.

Starling Bank has been named the Best British Bank for four consecutive years, from 2018 to 2021. It offers a range of consumer and business accounts (personal, joint, business, and euro) with no monthly fees, quick account set-up, and accessible accounting features. In 2021, the fintech firm created its ‘Bills Manager,’ which helps customers pay their bills on time and manage their money. It enables individuals to Direct Debits/standing orders from a Space automatically.

5. OakNorth Bank

Established: 2013

Raised: £640m

Equity rounds: 4

Location: Westminster, London

Web: oaknorth.co.uk

OakNorth Bank’s mission is to design ‘for entrepreneurs by entrepreneurs by providing business loans and property finance from £500k to £45m. Offers a loan solution to what they describe as the ‘Missing Middle’. Those businesses contribute most to the UK economy and employment figures. 

Borrowers can attend credit committees to present their business growth plans and funding requirements to decision-makers. Businesses can also open OakNorth business fixed term, easy access and notice savings accounts with what they claim to be competitive AER.

Oaknoth has raised £640m of investment across four rounds and has been listed on a number of high-growth groups. Backers include Clermont Group, NIBC Bank, Softbank Vision Fund and Coltrane Asset Management. 2021 saw OakNorth Bank acquire cashflow software firm Fluidly.

6. Atom

Established: 2013

Raised: £570m

Equity rounds: 13

Location: Durham

Web: atombank.co.uk

Challenger bank Atom was the UK’s first app-based bank to offer digital banking services incorporating mortgages, saving accounts and business loans. Atom’s move from pure current accounts and lack of cards differentiates them from many of its competitors. A customer’s mortgage account can be monitored via the app. Atom’s network of independent brokers has secured around £570m in equity fundraisings across 13 rounds. Investors include Anthemis, Middleton Enterprises, Conviction Investment Partners and Toscafund.

7. SumUp

Established: 2011

Raised: £530m

Equity rounds: 6

Location: Westminster, London

Web: sumup.co.uk

SumUp provides payment processing services for smart devices. SumUp operates in 34 countries on three continents and works with over three million businesses. Payleven, Shoplo, and Tiller, among others, have all been acquired by the company. | Over the last six years, SumUp has developed Payleven, Shoplo, and Tiller, among other firms. Sellers process payments using SumUp smart devices.

SumUp has raised around £530m in equity funding across six funding rounds. Bain Capital Tech, Blackrock, Fin Capital, and other investors provided this funding. SumUp raised £506m in equity and loan funding in June 2022 to expand their product, acquire new companies, and support future acquisitions. Deloitte’s Fast 50 list ranks fintech companies, and the 100 FinTech Disrupters list did the same in 2020.

8. Zopa

Established: 2004

Raised: £520m

Rounds: 13

Location: Southwark

Web: zopa.com

For the fifth year at the British Bank Awards, Zopa was named Best Personal Loan Provider in 2021. To date, the fintech enterprise has received around £520m worth of equity investment, across 13 funding phases, from Balderton Capital, VentureFounders, and Finch Capital. Peer-to-peer lending (P2P) was once a global platform. Zopa has been operating as an online bank since December 2021. Since then, the London-based fintech firm Zopa ceased its P2P operations after sixteen years to focus on its challenger bank business. 

Zopa’s banking service provides fixed-term savings (FSCS protection included), credit cards, unsecured personal finance loans, and secured automobile finance. Users can see the rate they may get without impacting their credit history. To date, Zopa has raised over £520m in equity investment across 13 funding rounds from Augmentum Fintech, Finch Capital, Balderton Capital, and VentureFounders, among others.

9. Zepz

Established: 2009

Raised: £500m

Rounds: 9

Location: Westminster, London

Web: zepzpay.com

Zepz (formerly known as the WorldRemit Group) has been operating since 2009 and provides a web-based service for individuals wanting to send money overseas. WorldRemit and Sendwave are now Zepz companies. Globally, over 800k individuals depend on their Sendwave product to deliver money. The application allows people to send money online to over 130 countries. Zepz boasts better exchange rates and lower fees than conventional banks and money transfer services. 95% of transfers are ready in minutes.

Zepz processed 50 million customer transactions and transferred over $10 billion for customers in 2020. WorldRemit was one of the shortlisted firms for BusinessCloud’s FinTech 50, an index of the most innovative financial technology companies, in 2021. Accel and Technology Crossover Ventures (TCV) are among the firms that have invested £500 million in Zepz across nine funding rounds.

10. Thought Machine

Established: 2015

Raised: £400m

Rounds: 7

Location: Camden

Web: thoughtmachine.net

Thought Machine has raised £400m in equity fundraisings across seven rounds. Playfair Capital, Standard Chartered Ventures, Backed VC, IQ Capital Fund, Molten Ventures, and British Patient Capital are just a few of the company’s investors.

Four ex-Google employees founded this digital security firm for the financial services industry. Its goal is to establish the foundation for a new kind of banking, freeing old-fashioned and traditional companies from outdated legacy technology. Vault is a cloud-based operating system that allows banks to manage their products centrally using APIs. Through Thought Machine’s Engagement Model, the fintech company works with clients looking to establish new banks, offering design assistance, requirements assistance, and partnership programmes.

11. Saltpay

Established: 2019

Raised: £360m

Rounds: 2

Location: City of London

Web: saltpay.co

SaltPay, a newcomer, has garnered £360m in equity funding despite having just two funding rounds. It has also purchased four foreign competitors, Borgun, Pagaqui, and Tutuka, and UK-based payment authorisation firm Paymentology. SaltPay, a SaaS business, creates payment processing and point-of-sale technology mainly for SMEs, tailoring support for its clients. The fintech startup was created to offer affordable, quick, and secure solutions to aid small businesses and entrepreneurs automate their payment processes.

SaltPay provides businesses with issuer payment processing business management software for global fintechs, cloud-native payments, payment providers, banks, and mobile operators. SaltPay, headquartered in London and founded in 2019, has already established 14 offices across 12 countries, with a payment services network across Europe.

12. Blockchain.com the fintech firm

Established: 2011

Raised: £355m

Rounds: 5

Location: Hackney

Web: blockchain.com

Blockchain.com has created a variety of services for exchanging cryptocurrencies (including Bitcoin and Ether tokens), searching and verifying transactions, and gaining information on crypto prices, news, and information. Since 2011, Blockchain.com has provided over $1tn in crypto transactions for millions of users. Developers can utilise Blockchain.com’s open-source APIs to construct their Bitcoin applications.

Blockchain.com’s core services include Wallet, a platform for sending, receiving, preserving, and exchanging digital money. The Exchange allows users to purchase, sell, and swap cryptocurrencies and the Explorer publishes public cryptocurrency transactions and data and Institutional Markets, where institutional investors may utilise these services.

13. Clearbank

Established: 2015

Raised: £350m

Rounds: 6

Location: Bristol

Web: clear.bank

ClearBank received its UK banking licence in 2016. It received several national recognitions. Apax Partners, Clearwater International, and PPF Group, among others, provided £350 million in equity funding in six phases and received a £60m innovation grant early in 2019.

ClearBank provides clearing bank services using cloud technology. Its founder, Nick Ogden, refers to it as a ‘bank for banks.’ ClearBank’s customised solutions allow its associates to provide real-time payment and cutting-edge banking services to their clients. Their banking-as-a-service programme comprises operating accounts, client accounts, and segregation accounts, among other things. FSCS Bank Accounts and Virtual Accounts are included, as well as connectivity services integrated with an institution’s core banking system using an API.

14. GoCardless

Established: 2011

Raised: £300m

Rounds: 8

Location: Islington, London

Web: gocardless.com

Over 60,000 companies worldwide use GoCardless to process payments in over 150 billing and subscription software, including Xero and Sage. GoCardless, a fintech firm founded in 2011, which has offices in London, Munich, Paris, San Francisco, Melbourne and New York City, has raised over £300 million in equity funding, across eight rounds, from Accel, Notion Capital, and GV (Google Ventures, among others.

GoCardless has built a system that allows companies to make and receive recurring, one-time, or variable payments within over 30 countries. Users can accept direct debit payments via their websites through the GoCardless payment page or by integrating the customisable GoCardless API into their checkout. 

15. Tandem

Established: 2013

Raised: £300m

Rounds: 15

Location: Camden, London

Web: tandem.co.uk

Tandem has raised over £300m in equity funding across 15 funding rounds, including Pollen Street Capital, e.ventures, Route 66 Ventures, Omidyar Network, and Seedrs crowdfunding platform. They have also acquired four companies—Harrods Bank, Pariti, Allium Money, and Oplo.

Tandem is a digital bank that offers financial services and money management solutions, specialising in green finance. Tandem’s goal is to become a more just, environmentally friendly digital bank for everyone, helping customers reduce their carbon footprint and help the world have a more sustainable future. Tandem connects to over 75 financial institutions in the UK through open banking technology to provide savings and current accounts. Users can connect as many accounts as they wish to the app. Tandem monitors payments, bills, and standing orders throughout the day to advise customers on their spending using this technology.

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16. Zilch

Established: 2018

Raised: £290m

Rounds: 7

Location: Westminster

Web: payzilch.com

Zilch has raised £290 million in equity funding in seven funding rounds. Investors include DMG Ventures, Gauss Ventures and Ventura Capital. It acquired NepCapital (Neptune Financial), a debt funding platform based in the United States, in August 2021 to expand into the American market.

Zilch Technology is a BNPL fintech company that provides an app through which users can make zero-interest staggered payments. The fintech allows customers to pay 25% of the cost upfront when they reach the digital checkout. Zilch notifies its customers before payments are due, and they can snooze payments if they need more time. As an incentive, Zilch Rewards and 2% cash back are available to those who pay the entire amount upfront.

17. Allica Bank

Established: 2011

Raised: £250m

Rounds: 10

Location: City of London

Web: allica.bank

Allica Bank has collected £250m in equity funding across ten phases. Warwick Capital Partners and Atalaya Capital Management are among Allica Bank’s investors.

Allica Bank offers branchless banking to businesses and consumers by operating through a digital banking platform and local bankers. Allica Bank rebranded in 2018, emphasising the bank’s repositioning as a digital-first offering previously named CivilisedBank. The challenger bank provides savings accounts, commercial mortgages, asset financing, local business relationship managers, and personal savings accounts for individuals. It was given a banking licence in 2019 and has branches in Milton Keynes and London, with managers spread across England and Wales.

18. Paddle

Established: 2012

Raised: £240m

Rounds: 8

Location: Islington

Web: paddle.com

In 2017, it acquired the Ukrainian app development platform DevMate, and in 2022, ProfitWell, a US-based business intelligence platform. Paddle has developed a revenue delivery platform, particularly in the SaaS industry. Despite the meteoric rise in Software-as-a-Service over the last decade, payment, compliance, and data governance infrastructure have been unable to keep pace. Paddle’s objective is to remove friction as SaaS companies scale by handling daily tasks such as subscriptions and renewals, billing, and currency conversion.

Paddle has been on the Deloitte Fast 50 list for the last five years (among other high-growth lists). Paddle continues to grow rapidly, and £240m in equity funding has been secured across eight funding rounds. BGF, 83North, Notion Capital and Kindred Capital are among the company’s leading investors.

19. PPRO Group

Established: 2006

Raised: £240m

Rounds: 5

Location: City of London

Web: ppro.com

PPRO Group operates across 12 locations in Asia, Europe, and North and South America. Partners include PayPal, Adobe, and Alipay, among others. Citi Ventures and Eurazeo, among other backers, have provided five funding rounds totalling £240 million, in addition to acquiring two firms: allpago and Alpha Fintech.

PPRO Group provides technology for businesses to use various global electronic payment methods. The infrastructure of the fintech company gives merchants the ability to reach more markets and give consumers more financial freedom, making it easier to launch and manage payment methods. PPRO Group provides services that accelerate payments, assist with merchant onboarding, enable more straightforward payments integration, and allow users to consolidate multiple collections and reconcile them into a single format.

The fintech United Kingdom 20 to 50

20. TrueLayer

Established: 2016

Raised: £230m

Rounds: 10

Location: Islington, London

Web: truelayer.com

According to a report from April 2018, TrueLayer is handling 50% of all open banking traffic in the UK, Ireland, and Spain. It has a 22% higher conversion rate than other open banking providers, and twice it has been listed on the FinTech 50 and WealthTech 100 lists of high-growth firms. In addition to raising nearly £230m in equity funding in ten rounds, investors, including Anthemis and Northzone Ventures, have backed the firm.

TrueLayer enables businesses to take advantage of the UK’s PSD2 (Payment Services Directive Two) open banking initiatives and broader European-wide PSD2 (Payment Services Directive Two) regulations. It develops APIs that connect mobile applications and other partner websites, providing secure, clear, and simple access. banking infrastructure. TrueLayer makes it simple for any company to combine next-generation payments and financial data into any app. Developers can meet security requirements, comply with regulatory obligations, and access data and payments. So allowing users to focus on developing products and services.

21. 10x Banking

Established: 2016

Raised: £220m

Rounds: 4

Location: Westminster, London

Web: 10xbanking.com

10x Banking raised over £220m in investment from Oliver Wyman, JPMorgan Chase & Co and Nationwide Ventures, among others and has which is featured on the Lazard European Growth Index (T100). Lazard provided financial advice during the most recent funding round.

10x Banking creates an open banking platform powered by cloud-native technology for the banking industry. 10x Banking wants the platform to offer banking services that are 10x better than traditional banking methods to benefit the bank, its customers, and society. SuperCore is the firm’s most significant product, enabling banks to transform at a rate that matches their expansion plans while reducing the obstacles associated with large-scale transformation initiatives. The program allows for connected propositions, customer journeys, and support services.

22. Lendable

Established: 2014

Raised: £215m

Rounds: 9

Location: Hackney, London

Web: lendable.co.uk

Lendable is a London-based fintech startup that provides peer-to-peer business loans. Lendable uses Artificial Intelligence and automated underwriting to approve loans rapidly. The fintech collaborates with organisations such as ClearScore, TotallyMoney, and GoCompare to simplify and shorten the loan process. Lendable has raised over £215m in equity investment across nine funding rounds. In March 2022, Lendable’s latest funding round was its largest to date, and it will be used to develop new products and expand internationally. 

23. Zego

Established: 2016

Raised: £210m

Rounds: 8

Location: Hackney, London

Web: zego.com

Fintech Zego is a unicorn fintech and insurtech firm that provides pay-as-you-go courier and food delivery insurance for drivers. Zego insures more than 200,000 vehicles for thousands of enterprises in nine countries operates Zego. It has also partnered with companies like Uber, Bolt, and FreeNow, making Portuguese firm Drivit its first acquisition in 2020 (Portuguese firm Drivit). Zego has received £210 million in equity investments across eight funding rounds and participated in the Upscale, Future Fifty, and Mayor’s International Business Programme accelerators. 

24. Smart

Established: 2014

Raised: £200m

Rounds: 9

Location: Westminster, London

Web: smart.co

Smart creates pension software for international markets as well as custom enterprise software. Smart is one of the UK’s biggest pension providers with offices in the UK, US, Dubai, Ireland and Australia. It works with over 91,000 employers and serves over 950,000 people. In 2022, Stadion Money Management will be acquired for the first time.

Smart has raised nearly £200m in equity investment through nine funding rounds. Legal & General Investment Management, DWS Group, J.P. Morgan Asset Management, Chrysalis Investments and Natixis Investment Management are among Smart’s backers.

25. Wagestream

Established: 2018

Raised: £194m

Rounds: 5

Location: Camden, London

Web: wagestream.com

Wagestream has raised £194m in equity finance through five funding rounds since it was established in 2018. BlackRock are among Wagestream’s investors. With the help of Wagestream’s app, employees can access their pro-rata earnings whenever they want rather than wait for a monthly salary payment. By giving employees more control over their cash flows, Wagestream hopes to remove the need for payday loans, overdraft fees and credit card debt resulting from traditional pay cycles.

26. Soldo

Established: 2014

Raised: £190m

Rounds: 4

Location: Westminster, London

Web: soldo.com

Soldo has raised over £190m in funding across four equity investment rounds and has been supported by Accel and Connect Ventures, among other firms. It currently has locations in London, Rome, Milan, and Dublin. Soldo has been part of the Deloitte Fast 50 programme, Future Fifty, and Mayor’s International Business Programme accelerators.

A business can create unlimited bank accounts with limited cards and spending limits using Soldo, a banking and expenses app. Through Soldo’s central bank account, all expenses are recorded and monitored. An employer can use Soldo’s software to monitor employees’ spending by linking it to their accounting system through an API, which automatically feeds bank data. Spending rules and budget limits team permissions may be set individually and altered by the employer. Soldo cards also have no transaction fees or FX rates.

27. PrimaryBid

Established: 2012

Raised: £190m

Rounds: 8

Location: Westminster, London

Web: primarybid.com

PrimaryBid has participated in three accelerator programmes: Across eight funding rounds, the company secured nearly £190m in equity investment. Outward VC, Softbank Vision Fund, and Pentech Ventures are among its investors. With its latest round of equity financing in February 2022, PrimaryBid aims to expand globally.

Through its online platform, PrimaryBid provides investors with discounted shares in listed companies based in London. Everyone, regardless of their socioeconomic status, can benefit from better access to public markets through PrimaryBid’s online platform. France was the first country to have the service and is now established within the UK.

28. Genesis

Established: 2015

Raised: £185m

Rounds: 4

Location: Islington, London

Web: new.genesis.global

Genesis has raised £185m in equity investment across four funding rounds. Accel, Insight Partners and Illuminate Financial Management, among others, have invested in the company. In February 2022, the company raised £183m in equity financing to hire more employees, develop its platform, and expand its buy-to-build business model.

Genesis has offices in London, Miami, New York, Dublin, São Paulo, Leeds, and Charlotte, in addition to being a member of the 2022 Fuse accelerator. A programme that seeks to develop digital technology companies. The firm’s low-code software platform is used to generate enterprise applications. It provides microservices architecture, which in turn helps financial market organisations increase productivity. The company’s buy-to-build approach is specifically designed for financial organisations.

Genesis has offices in London, Leeds, Miami, São Paulo, New York, Dublin, Charlotte, and Bangalore. It is a Fuse accelerator programme for 2020 graduates focused on developing new digital technology ventures.

29. Quantexa

Established: 2016

Raised: £180m

Rounds: 5

Location: Lambeth

Web: quantexa.com

RegTech 100 named Quantexa as one of the 100 most innovative, forward-thinking technology firms for the fourth time in 2022 after raising over £180m in equity investment, across five rounds, from AlbionVC and Dawn Capital, among others.

Quantexa, one of Europe’s fastest-growing companies, will be featured on the FT1000 in 2022. The fintech firm has created cybersecurity software with the help of artificial intelligence and big data technology. Quantexa’s computer programmes include real-time resolution, network generation, and advanced analytics to address security concerns like fraud. Quantexa’s Contextual Decision Intelligence software enables organisations to gain knowledge about the connections between people, places, and organisations by connecting internal and external data sets. Banking, insurance, and public sectors, among others, use it to make accurate and informed operational decisions.

30. Tide

Established: 2016

Raised:  £165m

Rounds: 7

Location: City of London

Web: tide.co

Tide has just received nearly £165 million worth of equity investment from Anthemis, Augmentum Fintech, LocalGlobe, Passion Capital, and others. In 2021, the fintech company was chosen to participate in Tech Nation’s Future Fifty accelerator programme, which was its greatest year of expansion to date. The fintech company has also been listed on various high-growth lists, including the FT1000 in 2022.

Tide was established in 2016, offering mobile-based current bank accounts for small businesses, freelancers, and growing businesses through its partnership with ClearBank. These accounts provide companies with time-saving and cost-cutting tools, allowing them to redirect their efforts towards increasing their business.Tide provides three subscription plans: free, a Plus plan for £9.99, and a Cashback plan for £49.99. With the free account, Tide users are charged for their services.

31. Curve

Established: 2015

Raised: £160m

Rounds: 10

Location: Camden, London

Web: curve.com

Curve has raised nearly £160m worth of equity investment across ten funding rounds. Outward VC, Seedcamp, Fuel Ventures, and Crowdcube, among other investors, are listed on its cap table.

Users can connect multiple bank accounts to a Curve smart card that links to a mobile app, allowing them to control their payments. Physical or virtual card payments (through Apple, Google, Samsung, or Curve Pay, for example) can be used with a digital Curve wallet by adding credit and debit cards. With the Curve app, users can see what they’ve spent, receive alerts and notifications, and receive intelligent fraud protection that locks the app after fraudulent payments are detected. Users may also switch cards within 30 days of a transaction to go back and see what’s being purchased.

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32. Form3

Established: 2016

Raised: £155m

Rounds: 5

Location: City of London

Web: form3.tech

Form3 has been named on the FinTech 50, and 100 FinTech Disrupters high-growth lists several times. Its investors include Angel CoFund, 83North and Molten Ventures, who have provided £155 million worth of equity investment.

Form3 simplifies basic financial procedures like payment processing, clearing and settlement. Banks and fellow fintech can benefit from a managed payment service through a single API, thanks to internet-based software.With Form3’s solution, businesses can concentrate on their customers rather than maintaining IT infrastructure, as end-to-end processing is handled from the first customer interaction. An easy-to-use API provides a single point of integration for all payment services.

33. Monese

Established: 2013

Raised: £150m

Rounds: 6

Location: Westminster, London

Web: monese.com

Monese was accepted into Future Fifty, a prominent European expansion programme for late-stage tech companies, in April 2021. The fintech firm has also been included in several high-growth rankings, including the FT1000 in 2022. £150 million in equity has been invested in Monese across six funding rounds, as well as an £883,000 Horizon 2020 innovation grant from 2016.

Monese, a financial technology company with over 2m users in 31 countries, targets people who might have difficulty opening a bank account (because of a lack of credit history, address verification, or guaranteed regular income, for example). The company was founded in 2015 as an alternative to banks, with users including students, freelancers, ex-pats, and foreign nationals. Monese provides instant accounts and money pots and links the app to Avios and PayPal. 

34. ClearScore

Established: 2014

Raised: £145m

Rounds: 1

Location: Lambeth, London

Web: clearscore.com

There are over 16 million users on ClearScore in the UK, Australia, South Africa and Canada. This fintech firm raised nearly £145 million in equity funding through one round with Invus in June 2021, in addition to appearing on high-growth lists like the Tech Track 100 on Fast Track.

ClearScore provides financial services through its website and mobile app, including free credit scores. Users can improve their credit offers and save money with the help of the fintech company’s vision. Credit score reports are updated weekly and provide assistance and support to those seeking to boost their scores. In addition, ClearScore offers exclusive pre-approved credit offers tailored to the individual.

35. Pollinate

Established: 2017

Raised: £135m

Rounds: 4

Location: City of London

Web: pollinate.co.uk

Pollinate works with multinational banks such as NatWest and National Australia Bank to develop new services. And recently collaborated with NatWest on its Tyl merchant acquiring solution and its Payit open banking platform. Pollinate has achieved £135 million in equity funding across four funding rounds.

The fintech builds software to improve bank merchant acquisition by integrating existing systems and providing merchants with digital tools and insights. Pollinate is not looking to displace traditional banking but rather allow it to compete with new entrants in the financial services sector.

Pollinate has partnered with NatWest to develop its Tyl acquiring solution and merchant PoS, as well as its Payit open banking solution (funded by the bank). MasterCard, EFM Asset Management, Insight Partners, and Motive Partners are among its other investors. Across four funding rounds, Pollinate has secured £135 million in equity investment.

36. Moneyfarm

Established: 2011

Total amount raised: £130m

Rounds: 6

Location: Islington, London

Web: moneyfarm.com

In 2017 and 2018, Moneyfarm participated in Upscale, an accelerator program organised by Tech Nation. Moneyfarm provides digital asset and wealth management services. The company’s digital investment platform enables clients to invest in customised portfolios. Before a portfolio is assigned, investors are asked about their risk tolerance, wealth and financial knowledge, and then an investor profile that matches them is determined.

Moneyfarm gained knowledge on how to grow by participating in Tech Nation’s Upscale accelerator in 2017. It has already made two acquisitions (Ernest and vaamo, both fintech firms, in 2017 and 2018, respectively). Cabot Square Capital, Poste Italiane, and Allianz are among the investors who have provided over £130 million in equity funding across six rounds.

37. Modulr

Established: 2015

Raised: £130m

Rounds: 9

Location: Hammersmith and Fulham, London

Web: modulrfinance.com

Fast-growing Modulr obtained £10 million in funding from the Capability and Innovation Fund in 2019. In nine investment rounds with Blenheim Chalcot, General Atlantic, and Highland Europe, who provided over £130 million in equity funding. The company’s latest round of funding, worth £83 million, will help it expand across the UK and Europe and develop open banking and account payments. The firm’s impressive expansion has been acknowledged on a number of high-growth lists, including the FT1000 in 2022.

Modulr provides payment processing APIs that simplify payments between businesses. The fintech firm’s three offerings are Automate, Embed, and Launch. Modulr has processed over £130b in payments and 190m transactions after being used by firms like Revolut, Safe, and Zumo.

38. Storfund

Established: 2018

Raised: £126m

Rounds: 2

Location: Westminster

Web: storfund.com

Storfund is a cash flow management service for e-commerce businesses. The company eliminates payment delays, so retailers get paid immediately. Storfund is present on 17 Amazon marketplaces, including the UK, US, Germany, and many other marketplaces worldwide.

Storfund acts as a pay-as-you-go service with no restriction on how much can be received. Because Storfund’s global wallet removes the hassle and expense of foreign currency from its customers, many of whom operate globally, Storfund’s services are particularly suitable for high-growth retailers. Fasanara Capital and Union Bancaire Privée, among other equity investors, invested £126 million in two funding rounds in the fintech company.

39. PaySend

Established: 2017

Raised: £125m

Rounds: 6

Location: Westminster

Web: paysend.com

Paysend has appeared on the Mayor’s International Business Programme accelerator and Deloitte’s Fast 50 high-growth lists. The fintech firm recently raised £125 million in equity funding across six funding rounds, and Luxembourg-based Digital Space Ventures and Seedrs, a crowdfunding platform, are among its investors.

Paysend serves over 7m customers and enables users to hold, transfer, and spend money online or via its mobile application using up to eight currencies. Users can send money directly to Visa, Mastercard, and UnionPay cards in over 150 countries and bank accounts or digital wallets in some countries with a Paysend account.

40. Sonovate

Established: 2011

Raised:  £125m

Rounds: 4

Location: City of London

Web: sonovate.com

Sonovate provides invoice financing solutions to recruitment businesses, consultancies and labour marketplaces that employ contractors and freelancers. Its fintech solution helps to unclog cash flow and simplify the procedure. Furthermore, it helps to reduce the trouble of managing contractors’ appointments, assignments, and payments. Sonovate says it has provided more than £2 billion in funding to organisations in over 40 countries, guaranteeing more than 30,000 businesses and individuals are paid on time and in full.

41. Codat

Established: 2016

Raised: £120m

Rounds: 7

Location: Islington, London

Web: codat.io

Codat has received a grant from the Capability and Innovation Fund, the Banking Competition Remedies, and the Royal Bank of Scotland for £12.5m. It has also received nearly £120m in equity funding, spread across seven funding rounds.

Codat has developed an API that permits developers to link financial services into their products, making it more straightforward for customers to access relevant company data. Peter Lord, David Hoare, and Alexander Cardona founded Codat, an office in London, New York, and Sydney.

42. Freetrade

Established: 2015

Raised: £115m

Rounds: 10

Location: City of London

Web: freetrade.io

Freetrade has been funded nearly £115m in equity investments across ten funding rounds, seven of which were accomplished by the crowdfunding platform Crowdcube. Capricorn Investment Group, Phoenix Group, and Molten Ventures are among the company’s backers.

Freetrade is a fee-free investing platform for stocks and funds. More than 1 million clients are using the company’s mobile app to invest more affordably and straightforwardly. Freetrade graduated from Octopus Labs Accelerator in 2016, a fintech product development programme. Has appeared on high-growth lists, including the Lazard T100 European Venture Growth Index.

43. Dext

Established: 2010

Raised: £113m

Rounds: 5

Location: Hackney

Web: dext.com

Dext has received £113m in equity funding across five rounds. Augmentum Fintech, Insight Partners, and Kennet Partners are among its backers. The fintech firm has participated in two accelerators and been named on several high-growth lists, including the Lazard T100 Europe Venture Growth Index in 2021. Xavier Analytics, the firm’s first acquisition firm, was acquired in 2020.

Dext is a London-based accounting software firm that provides accounting software allowing users to manage and edit scanned invoices, bills, and receipts. All of which can then be shared with accountants or synchronised with bookkeeping software. Alexis Prenn and Michael Wood (who are still shareholders but no longer operate the company) founded Dext in Manchester in 2010.

44. Cleo

Established: 2015

Raised: £108m

Rounds: 5

Location: Hackney, London

Web: web.meetcleo.com

Backed by Balderton Capital, LocalGlobe, and EQT Ventures, Cleo has raised £108 million in equity financing across five funding rounds. In June 2022, the company received its biggest-ever investment (£64.8 million), which will be used to hire and expand its services.

Cleo, a SaaS fintech company, provides money-tracking and budgeting software through a chat interface. A digital assistant powered by AI, whose primary audience is Gen Z individuals, has already helped more than 4 million people on their financial wellness journeys.

45. Prodigy Finance

Established: 2006

Raised: £107m

Rounds: 5

Location: Westminster, London

Web: prodigyfinance.com

Prodigy Finance has so far financed over 20,000 Master’s degree students to fund them up to 100% of the loan. Prodigy Finance has raised above £107 million in equity investment across five funding rounds. Investors like Balderton Capital, Index Ventures, and AlphaCode South African Fund are among its notable investors.

Prodigy Finance provides Master’s degree students with a global platform where they can obtain loans. Institutional and private investors fund the programme, and bonds listing students’ classes are listed on the Irish Stock Exchange. Impact funds, as well as high-net-worth individuals, can then invest in debt.

Instead of requiring collateral, co-signers, guarantors, or documentation, Prodigy was created as an alternative to traditional loans. The fintech company’s business model assesses users’ future income potential rather than credit history.

46. Railsr

Established: 2016

Raised: £105m

Rounds: 9

Location: Hackney

Web: railsr.com

Railsr secured £105m in equity funding across nine rounds since its founding in 2016. Hambro Perks, Visa, MiddleGame Ventures, Kima Ventures, Firestartr, and Outrun Ventures are investors.

Railsr has created an API connecting banks to other fintech companies to enable them to transact digitally and fully compliant. Headquartered in London’s Hackney, it has offices in Newcastle, Santa Monica, Vilnius, Munich, Melbourne, Kuala Lumpur and Manila. Railsr has been on the FinTech 50 high-growth list for four consecutive years between 2017 to 2020. In 2021, Railsr was on BusinessCloud’s FinTech 50 list. In 2019, Railsr made its first acquisition, PayrNet.

47. DNA Payments

Established: 2018

Raised: £100m

Rounds: 1

Location: Westminster, London

Web: dnapayments.com

In June 2021, DNA secured a funding round of £100m from Alchemy Partners, a private equity firm that backs undervalued or underperforming businesses. This funding will be used for growth, product expansion, and supporting future acquisitions.

DNA Payments builds technology to provide more efficient payment processing for businesses of all sizes. The company serves over 65,000 clients across the UK. It has made five acquisitions, including Optomany, Zash, Active Payments, Kwalitas and most recently, First Payment Merchant Services in 2022.

48. Moneybox

Established: 2015

Raised: £95m

Rounds: 7

Location: Southwark, London

Web: moneyboxapp.com

Moneybox raised £95m in equity funding across seven rounds. Moneybox is an award-winning mobile app that simplifies the usage of share and savings ISAs. The app combines saving, home-buying, retirement, and investment services into one application to assist people with financial planning. With over 850,000 consumers, the company serves.

49. ComplyAdvantage

Established: 2014

Raised: £92m

Rounds: 7

Location: Camden, London

Web: complyadvantage.com

ComplyAdvantage offers a database detailing information on organisations and individuals associated with financial crime, like financing terrorism and money laundering. Allowing users to understand the associated risks with whom they are doing business. 

ComplyAdvantage has been on several high-growth programs and three accelerators. In 2014, Charles Delingpole founded, ComplyAdvantage operates in the USA, Romania and Singapore. They have received investment totalling £92m from seven funders. These include Balderton Capital, Index Ventures, Goldman Sachs and Canada’s Teacher’s Innovation Platform.

50. The Bank of London

Established: 2016

Raised: £91m

Rounds: 3

Location: City of London

Web: thebankoflondon.com

The Bank of London aims to create an economic infrastructure that connects the world’s financial services firms. Fintech startup Clearing, Agency, and Transaction Bank (CATB) is the world’s first purpose-built global clearing, agency, and transaction bank, working with firms of all sizes.

The firm has raised £90.5 million in equity funding since its establishment in 2015, including over £90 million in December 2021. Mangrove Capital Partners and ForgeLight are among their investors. Until 2021, the organisation operated in stealth mode, raising two undisclosed equity funding rounds.

Octopus Intelligence is a specialist in supporting fintechs to develop their competitive landscape enablement. 

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