A cross-borders payment service, TransferWise helps was set up to provide lower cost solutions for customers to perform money transfers around the world than offered by the large, established banks. These are just some of the tech providers we see as the top UK fintech companies in 2020, and we’ll continue to update this list. Today the fintech industry body released figures for global fintech investing, which show the UK fintech sector remains on top in Europe and second only to the US globally. Allica secured its full banking authorisation in late 2019, and has made over £100m worth of. MarketFinance offers three lending options to businesses, including unsecured business loans of up to £250,000, over a 1-3 year term. Borrowers are able to easily apply for a loan through Zopa online. hbspt.forms.create({ Curve is currently available in 31 countries across the European Economic Area. ‘Convert’ gives companies real-time access to wholesale exchange rates, resulting in low-cost currency conversion rates. All loans issued through LendInvest are secured by a legal charge against the property. Funds raised: £50.5mFounded: November 2014Location: LondonOther triggers met: Accelerator attendance, High-growth list. So let’s take a look at the top FinTech companies UK that I think truly deserve to be in the spotlight this year… Chaser Whether you’re a small business or large, a common and often painful experience is having to track and follow up on invoices that haven’t been paid. To date, it employs just over 50 employees in offices in Manchester, Melbourne, and Sydney. Funds raised: £109mFounded: July 2012Location: LondonOther triggers met: Accelerator attendance, Scaleup, High-growth list, Debt fundraising. hbspt.forms.create({ ClearBank’s second main function is to offer a core banking platform to FCA or PRA authorised financial institutions. —the only company in the top ten based outside of London. For the second year running, we’re profiling the top 50 startups and scaleups in the UK’s fintech industry, ranked in order of the amount of funds raised to date. It currently focuses on those that operate in the UK, Continental Europe and the USA. Blockchain backers include Virgin’s Sir Richard Branson. It has attended both the Microsoft ScaleUp (London) accelerator and. This most recent funrdraising round works out at a £112m pre-money valuation. Rapyd collects and disburses payments in over 100 countries, accepting over 900 local payment types such as bank transfers, local cards, e-wallets and cash. Comply Advantage has been named in numerous high growth lists, most recently the. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. The idea behind this is that if they automate back office processes, merchants can then spend their time and money growing their businesses. formInstanceId: '1', Users can also apply for bank overdrafts in-app, with interest of 15% EAR charged on amounts borrowed. Since formation, Prodigy Finance has processed over US$500 million in funding to 10,300 students. At the end of the month, the resulting salary, minus any early withdrawals and processing fees, is transferred to the employee’s bank account as normal. Here are the top 11 fintech companies in London to keep an eye on. This article showcases our top picks for the best The UK based Fintech (Financial Technology) companies. Get access to unrivalled data on all the companies you need to know about, so you can approach the right companies at the right time. Sonovate has been using its latest investment round to advance its core product offering and launch into new international markets including Germany, the Netherlands and the United States. Funding Circle is a lending platform for small businesses. This clearing bank function is powered by Microsoft Azure’s cloud technology, which enables quick and inexpensive clearing services. £37m was raised in 2020 alone, including £7m from a successful Crowdcube crowdfunding campaign. The company has secured numerous achievements. is a lending-as-a-service (LaaS) provider, offering digital lending solutions to lenders such as banks and financial institutions. Sonovate develops software designed to help facilitate the financing and employment of contractors and gig-workers for recruitment agencies and consultancies. The total amount due is repaid as a pre-agreed percentage of each debit or credit card payment the applicant receives from their customers. Atom’s savings accounts, mortgages and business loans are all available through its app. True Layer – hot top fintech companies UK. The 50 Fintech were selected among the 3,500+ companies identified in Europe, based on their valuation. Funds raised: £56.1mFounded: July 2016Location: LondonOther triggers met: High-growth list. As well as accepting payments, it also provides administrative features by tracking sales and taxes, and a digital cashier by keeping track of cash payments and digital receipts. The idea is to provide greater ease of reconciliation associated with a single expense account, while maintaining the freedom and ease of use normally associated with individual bank accounts. They also offer Eurozone accounts and cards, which users can have in tandem with their UK account. Funds raised: £93.1mFounded: January 2011Location: LondonOther triggers met: Accelerator Attendance, Scaleup, High-growth list. Allica secured its full banking authorisation in late 2019, and has made over £100m worth of committed loan offers throughout the COVID-19 pandemic. But opting out of some of these cookies may affect your browsing experience. Based in London, Blockchain was founded as a company in 2011 and is now a fundamental part of the Bitcoin and broader cryptocurrency revolution. ezbob initially operated as an online lending platform, lending directly to SMEs. At the end of 2020, Sifted ranked the company as the. etika has raised £52.4m in total across five rounds, from investors Paragon Bank Business Finance and Shawbrook Business Finance. Then, a customised portfolio that aligns with the investor profile is built and managed by asset allocation experts. has developed software that allows businesses to process their payments online in multiple currencies. These cookies do not store any personal information. As it launches its next generation bank, Zopa’s ambition is to provide simple, fair products that are easy to manage and using its technology to provide a bank that’s  fit for the future. DivideBuy has developed web-based software that provides a credit lending payment option for retail businesses. These are some of the top fintech companies … It specialises in analysing user data within a network to flag illegal activity, using millions of data points mapped out across the globe to uncover hidden risks and to prevent cyber crime. formInstanceId: '2', Its most recent fundraising amounted to £24.4m in December 2020, invested by Cipio Partners, Notion Capital, Sage, and Verdane Capital. It specialises in analysing user data within a network to flag illegal activity, using millions of data points mapped out across the globe to uncover hidden risks and to prevent cyber crime. Checkout.com processes 150 different currencies and offers direct access to all major international cards whilst also accepting popular local payment methods. The Tide account is intended to provide small businesses and entrepreneurs with a range of time-saving and cost-cutting tools, and redirect effort towards growing their business. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. Whilst there is no limit on how many transactions businesses can undertake, there are limits on the maximum amount that can be collected in one payment. Monzo currently has over 3 million users and is fully authorised and regulated by the PRA and FCA. Capital on Tap offers SMEs business credit cards and business loans. It has also raised deposits from 175,000 savers, as well as being recognised on several high-growth lists such as Leap 100. Prodigy Finance works with over 500 schools globally, spanning across North America, Europe and Asia. As part of the package, Soldo offers prepaid Mastercard cards linked to the account. is a fully licenced challenger bank, offering users several benefits such as instant notifications on spend and income, tools to identify spending habits and 24/7 support. Capital on Tap also offers business loans up to £50k with flexible repayment options and no monthly or annual fees. The Tandem App is available on iOS and Android and offers its users money management assistance. The scalable repayment plan is designed to assist with cash flow for businesses still in the earlier stages of growth. Up to 10 cards can be issued, with interest rates as low as 9.9%. Trussle as a result have signed big deals with Zopa, … etika has raised £52.4m in total across five rounds, from investors Paragon Bank Business Finance and Shawbrook Business Finance. has developed a range of products enabling users to exchange and transact. Businesses are likely to qualify for a Business Cash Advance if they have been in business for over 4 months and process at least £2,500 of credit and debit card transactions a month from their customers. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance. Monese has developed a mobile app that allows those who might typically struggle to open a bank account—due to lack of credit history, proof of address or guaranteed regular income—to do so quickly and easily. A free business mastercard is issued with each account, which can be used to purchase goods and services with no purchase fees. Invoices can also be easily created, paid and stored through the Tide app. For instance, the platform helps banks undertake easy product creation and deployment, ensuring the quick rollout of products to the market and reduced product development costs. css: '', Whilst Capital on Tap is not a bank, it holds a regular licence that restricts its activities to business lending. , totalling  £266m from Andenes Investment, GPS Ventures, Macquarie Capital, Patron Capital, and Yabeo. Checkout.com’s unified payments platform helps to manage every stage of the payment process. In 2020, Tide partnered with companies such as DueDil and GoCardless to collaborate and enhance the account opening experience and help SMEs receive payments quicker. The heart of 10x Banking’s platform is the ‘10x SuperCore’ which is a system that powers the platform and ensures customer data appears only once on the platform, thereby enhancing security. cssClass: 'book-demo-popup', The US remained the leader in global fintech capital raised as the American companies attracted nearly $22 billion funding in 2020. The digital platform is integrated with partners such as RightMove and Experian, and each step of the application is clearly signposted and transparently shown online. By unbundling financial services, these fintech startups and scaleups are providing more efficient and streamlined services, and posing a very real threat to traditional banking, payment, and lending services. It is mandatory to procure user consent prior to running these cookies on your website. Salary Finance partners with employers and provides four main types of salary-linked financial benefits to employees. Funds raised: £63mFounded: June 2012Location: NewcastleOther triggers met: High-growth list. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. The joint account is designed for individuals who share financial commitments and allows collective expenses to be managed and tracked. Paymentsense also offers several virtual payment methods through its payment gateway, which acts as an online version of a physical payment machine. Examples of applicants include students, freelancers, expats and foreign nationals. With an in-built SIM card and unlimited data, payments can be processed anywhere, without the need for a paired mobile device or app. operates a platform through which international postgraduate students can receive loans for studying abroad. At the end of 2020, Sifted ranked the company as the second fastest-growing scale-up of last year. Fintech is easily one of the hottest emerging industries, providing consumers and businesses alike with financial technology services. Checkout.com places a strong emphasis on security and implements a machine learning model trained to identify potentially risky transactions. TrueLayer enables companies to capitalise on new Open Banking initiatives in the UK, and the broader, European wide PSD2 rules, by providing secure, clear and simple access to banking infrastructure. Molo Finance is a relatively young fintech startup, founded in late 2016 and headquartered in Westminster. and big data software. UK companies raised more money than deals in Germany, Sweden, France, Switzerland and the Netherlands combined. Since launching in 2014, it’s main mission has been to liberate banks from outdated legacy technology, which stifles their ability to innovate. The company was established in 2010 and is an online money transfer business, which is used in more than 50 countries around the world. In June 2020, Zopa was awarded its full banking licence. submitButtonClass: 'text-black active-color-yellow border-transparent long-100', This money has been earmarked to help the company expand into new markets across Europe and Asia. target: '#book-a-demo-target' Monese provides users with a UK bank account and a MasterCard contactless debit card as part of the service. provides retailers and wholesalers with an entirely cloud-based, automated back-office solution. In March 2020 Thought Machine secured £64.7m in equity fundraising led by Draper Esprit, with contributions from Backed VC IQ Capital Fund, Playfair Capital and Lloyds Banking Group. FinTech companies combine two of the most popular investment sectors: Financials and Technology. Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. The company reviews applications remotely, processing claims in around 24 hours. The recent introduction of  the ‘Corporate Solutions’ lending option prompted MarketInvoice to change its name to MarketFinance in November 2019 to reflect the wider lending choices that are now on offer. Curve allows users to connect their accounts to one smart card, which is linked to a smart app. Last update: in October, 29th 2019. For instance, Curve users are only charged the market currency exchange rate when purchasing items overseas, saving up to 5% on exchange fees usually charged by major banks. To spend from a specific card, users must activate it through the Curve app, with the card then being active and able to be used. Tandem’s fixed savers bank account also offers competitive rates, with annual interest payments with terms ranging from 1-3 years. Moneyfarm places a large focus on providing customised investment portfolios to its clients, which they can easily access digitally. 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