" class="no-js "lang="en-US"> Tech Nation welcomes UK’s 51 most exciting fintech companies to its fifth Fintech growth programme - Fintech Finance
Monday, April 22, 2024

Tech Nation welcomes UK’s 51 most exciting fintech companies to its fifth Fintech growth programme

Tech Nation, the UK’s leading growth platform for tech scaleups, today announces the 51 companies who have been accepted into Fintech 5.0 – the fifth iteration of Tech Nation’s sector-specific growth programme for fintech entrepreneurs to enable their startups to scale, both at home and abroad.

Companies accepted into the newest Fintech cohort are working to transform all areas of the finance sector; from insurance and investment, to blockchain and digital assets. The Fintech 5.0 cohort includes an ethical investment platform which is committed to addressing climate emergency (Abundance), a credit card that helps young people build credit to jumpstart their futures (Keebo), and a platform to help people set up a Will and digital end-of-life plan to make things easier for loved ones left behind (Kinherit).

Together, the new Fintech companies have raised more funds than any cohort in previous years, with a collective total raise of £149.2mn (up from £128.1mn last year).

Nearly half (49%) of the companies have at least one non-British founder, and they operate across 38 different countries (including the UK).

New record heights for fintech

The high-growth companies join the programme as fintech grows significantly across the UK. The fintech sector has reached entirely new heights, already receiving $9.3bn in 2022 (January – August), up from $8.67bn for the same period in 2021 ($13.2bn overall in 2021), and Q1 2022 hit an all-time record for quarterly investment into UK fintech (at $5.5bn).

More than three quarters of investment made into UK fintech in 2022 so far ($7.2bn) has come from US investors (up from half of investment in H1 of 2021), showing the international appeal of some of the UK’s world leading fintech firms.

With 47 of the UK’s 130 tech unicorns being fintechs – and fintech accounting for almost half (4) of the 11 UK tech companies that became unicorns in H1 of 2022 – the sector is driving the UK as a leading unicorn hub. After the UK, the next largest unicorn hub in Europe is France, home to 11 fintech unicorns, followed by the Netherlands and Germany, which both have 9.

In 2022, the top 4 UK fintechs to receive highest funding are FNZ (at $1.4bn, growth equity), Checkout.com (at $1bn, Series D funding), Bloom ($300mn, Series A) and GoCardless ($312mn, Series G).

In 2022, Tech Nation’s Future Fifty alumni Checkout.com became the UK’s most valuable fintech company, surpassing Revolut (which is valued at $33bn, and was the UK’s most valuable fintech in 2021) with a valuation of £40bn. Combined, the UK’s fintech companies are valued at $371.9bn, up 23% from $301.2bn last year.

The aim of this year’s Fintech programme

Tech Nation’s six-month government-backed Fintech programme was created to support fintech and insurtech companies in the UK. Companies accepted into the programme have access to networking events with key stakeholders, peer-to-peer meetups, and insights sessions delivered by established fintech entrepreneurs, investors and partners, which give cohort members the tools and knowledge they need to scale.

This year’s successful applicants will gain access to multiple insight sessions over 6 months (covering core issues, from investment to sales, partnerships and international expansion) delivered by later-stage founders, all focused on key scaling challenges, as well as regular networking opportunities (with investors, VCs, corporates and peers).

Tech Nation is delighted to partner with Cooper Parry to deliver the Fintech 5.0 programme this year.

Empowering all of the scaling companies in the new Fintech cohort is at the core of Tech Nation’s mission to fuel the growth of tech scaleups who are helping us create a stronger economy, society and future.

Will Miller, Chief Growth Officer at Tech Nation, said: “In 2022, we have seen another wave of fintech startup and scaleup companies thrive in all regions of the UK. With Q1 2022 setting an all-time record for quarterly VC investment into UK fintech, and the UK now being home to 47 fintech ‘unicorns’ – with 4 new fintech unicorns created this year alone – it’s clear that the UK’s fintech sector is going from strength to strength. It’s a pleasure to support these businesses along their scaling journey as they continue to cement the UK as a global fintech powerhouse.”

Ezechi Britton, CTO in Residence at Impact X Capital and Fintech 5.0 Judge, said: “The calibre of startups in this year’s Tech Nation’s Fintech 5.0 programme has been outstanding. Having the privilege of reviewing all of these great startups just hammers home for me why the UK is leading the way in Fintech globally. Our technical and financial talent in this country is extraordinary and I can’t wait to see what this next cohort achieves.”

Jelena Ewart, Co-founder of Upside Partners and Fintech 5.0 Judge, said: “If the last few years have taught us anything, it’s that our ideal future isn’t going to just build itself. It was refreshing to see so many companies with real potential to empower us to lower the cost of our dreams and to contribute towards a world that truly values us. This isn’t just finance imbued with modern tech; it’s the start of a fintech uprising built by the people for the people!”

Amir Nooriala, CCO of CallSign and Fintech 5.0 Judge, said: “As someone who has worked in 2 separate firms that have been through different Tech Nation programmes, it’s been both an honour and a delight to support the Fintech programme as a judge and mentor. With the 5.0 cohort, we have seen yet another high quality and innovative set of startups enter, and I am very much looking forward to seeing their growth journey.”

Maria Pasquale, Co-founder of UpSpark and Fintech 5.0 Judge, said: “It is an absolute pleasure to be working with Tech Nation in supporting the best of UK fintech. I am excited for the selected startups, Tech Nation and the UK more broadly. The Fintech 5.0 cohort is diverse, innovative and truly disruptive. I cannot wait to see how the companies will grow and accelerate as part of the programme. Tech Nation has been phenomenal at fueling the growth of the most ambitious UK founders, teams and businesses as the UK continues to be a center of excellence and world leader in the global fintech industry.”

Shahid Munir, Co-founder of Minted, said: “We are delighted to be considered to join Tech Nation’s Fintech programme. It’s an incredible opportunity for us and could not have come at a better time as we are poised for growth and development.”

Thomas Gillan, CFO of Br-dge, said: “Starting up is tough, scaling is harder. We’re delighted to be part of the Tech Nation cohort to be able to share ideas and experiences with a group of people who are on the same journey.”

Ewan Dickie, CEO & Founder of Punk Money, said: “As a leading force in global Fintech and the spiritual home of Punk, there is no better city for our business to be based. Punk Money is proud to be recognised as one of the most progressive and disruptive Fintech businesses in the UK and we look forward to joining all the other fantastic businesses as part of Tech Nation’s Fintech 5.0 cohort.”

Danny Goh, CEO & Co-founder of Nexus Frontier Tech, said: “I’m excited that Nexus Frontier Tech has been selected to join the Fintech 5.0 cohort! I believe this will be an invaluable opportunity for us to learn from and collaborate with the other founders to grow and scale our businesses in a way that helps the fintech community achieve collective progress and success.”

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