Tech Nation, the UK’s leading growth platform for tech scaleups, today announces the 22 companies selected to join the second iteration of the International Growth Programme, made up of two cohorts, one focused on expansion into Southeast Asia and the other to Australia.
Of these 22 successful companies, over a quarter (6) are fintechs;
SquareBook,
Datactics,
Bankifi,
Heteronomics,
Yoello and
Beacon.
Hailing from Scotland, Northern Ireland, Manchester, London, Wales and Leeds respectively, these fintechs represent the breadth of fintech innovation across all regions of the UK.
The International Growth Programme’s mission
The four-month programme forms part of the UK Government’s export strategy for the tech sector, and was created to accelerate the growth of the UK’s best tech scaleups into international markets, while strengthening connections across the digital economy globally, ultimately creating jobs and economic growth in the UK and internationally.
The latest offering follows a successful pilot in March in which 35 UK tech companies, including fintechs
BankBI and
Maxatta, accelerated their growth into Asia Pacific.
The programme provides companies with a bespoke go-to-market plan and access to:
- Industry-led, market specific sessions focused on key challenges when entering new markets, including hiring talent, attracting new customers, and operational set up
- A carefully selected in-market mentor with specific experience and knowledge that can help them navigate the local fintech landscape. Mentors have run their own scaleups or have extensive experience in helping companies expand internationally
- A community of peers who are also expanding internationally
Companies joining the programme have been selected based on strict criteria that demonstrate aptitude for scaling internationally, and were assessed by technology and trade specialists. For this programme, Tech Nation received more than 190 applications from tech scaleups all over the UK who are looking to expand their business internationally.
Trade deals have helped in setting UK fintechs up for international success
The UK’s free trade agreements with Singapore and with Australia help to enhance synergies in innovation, tech and fintech that already exist, and open up further opportunities for UK companies to succeed in these new markets.
Singapore and UK governments signed
a new financial partnership earlier this year, aiming at boosting collaboration and trade between the UK, Singapore and Asia Pacific in important areas including fintech.
The UK’s Financial Conduct Authority (FCA) and Singapore’s Monetary Authority (MAS) have also both taken a proactive approach to foster digital transformation in the financial sector. The FCA’s innovation unit runs regulatory sandbox programmes for fintech to ensure market stability without holding up innovation, and MAS offers a similar scheme alongside an ‘express’ sandbox to rubber-stamp low-risk innovation.
The UK’s world-leading fintech hub presents an attractive opportunity for Southeast Asian scaleups, not just due to the maturity of the sector, but also because the major global financial centres– London and Singapore – are well-aligned with similar approaches to regulating innovation and encouraging collaboration between fintech and traditional financial services firms.
UK tech has already seen ample opportunity in Southeast Asia and Australia, with 23 of the UK’s unicorns already present in the Asia Pacific region, including fintech companies Wise, Revolut, and Checkout.com.
The fintechs joining the International Growth Programme 2.0 Cohort
The 22 companies joining the programme are from right across the UK, with 50% of the cohort based outside of London. 5 out of the 6 fintechs selected are based outside of London, with five of them focused on expansion into Southeast Asia and one fintech into the Australian market.
Australia 2.0-
Beacon, Leeds
Beacon is focused on the accurate detection of humans vs bots in internet transactions. Applicable to multiple verticals, Beacon is currently being focused at on-line advertising where they are driving game-changing results in reducing click fraud and driving significantly higher human engagement, sales and ROAS.
Southeast Asia 2.0
BankiFi, Manchester
BankiFi transforms banks' mobile and internet banking channels from something purely transactional to where an SME runs their business by combining payments invoicing, accounting, and cash forecasting.
Datactics, Northern Ireland
Datactics provides an award-winning self-service data quality and matching software platform designed for non-technical business users in financial services firms to measure and fix data issues.
Heteronomics - London
Heteronomics provides macroeconomic research and data services to financial market participants.
Squarebook - Scotland
SquareBook is the tech platform for equity fundraising. They are the first independent, conflict-free provider of auction technology for companies to carry out IPOs and other raises.
Yoello - Wales
Building a mobile payments ecosystem for the retail and hospitality sector, converting cash and card payments towards mobile - Yoello sells directly to businesses and enterprise whitelabel solutions.
UK Minister for Exports, Mike Freer, said: “The expansion of the International Growth Programme will ensure there are more opportunities for the UK’s cutting-edge digital and tech sectors to thrive in the Asia Pacific region, boosting productivity, jobs, and growth both overseas and in the UK. We’re putting innovation and technology at the heart of our trade agenda, with negotiations for a Digital Economy Agreement with Singapore and the UK’s accession to CPTPP going further than ever before in data and digital trade provisions.”
Her Majesty’s Trade Commissioner for Asia Pacific, Natalie Black CBE, said: “Asia-Pacific offers a great opportunity for the UK’s tech sector, with Southeast Asia’s internet economy alone expected to grow to over $360 billion by 2025. Tech Nation’s International Growth Programme – delivered through our Digital Trade Network – is a great way for the best of Britain’s tech scale-ups to tap into this opportunity, and I look forward to supporting these businesses as they internationalise in this exciting region.”
Founding Chief Executive of Tech Nation, Gerard Grech, said: “UK tech is going from strength to strength. In 2021 alone, UK tech scaleups raised $33bn across 1,800 deals, more than double the amount raised in the whole of 2020. With this investment comes rising ambitions, and UK tech companies are increasingly competing on the global stage from day one. Tech Nation’s latest international growth programme helps companies do just that. Providing the insights, knowledge and connections that tech scaleups need to compete globally.”
