According to the data from Innovate Finance, the UK fintech sector is growing in a huge way. It attracted record investment of $4.9 billion in 2019, while the figures reveal an investment of $3.6 billion in 2018. Comparing the VC investment, the UK stands at the second position in fintech market after the US.
Below is the list of top 5 Fintech companies in the UK:
- Thought Machine
Former Google employees established the company in 2014 at London. Thought Machine initially spent two years to develop VaultOS (now called Vault) core banking platform. After a successful market background, the firm partnered with reputed organizations such as Atom Bank, IBM, and Lloyds Banking Group. A total amount of £11 million was invested in Thought Machine in 2018 and in exchange for a 10 percent stake.
The firm was established by James Herbert in 2017. Hastee offers a flexible access of up to 50% of earned pay to their employees on demand via its app. However, employees pay back Hastee on each pay day. So Hastee takes all the risk with a mutual coordination with its employees. The process of debt-less cash flow keeps the employees risk-free from low credit score, and in turn meets their financial demands time to time. Hastee raised £208 million funding during December 2019 through Umbra Capital and in support from IDC Ventures.
Currencycloud is an organization that provides services in ’embedded’ cross-border payments. It was established in 2012 and builds an enterprise-grade API. This platform allows partners to offer its customers cross-border payments easily. The partners include Visa, Standard bank and Starling Bank. Currencyloud raised an $80 million (£62 million) Series E-funding in January 2020 with investment from Visa, World Bank Group, BNP Paribas, and Siam Commercial Bank. The list of investors adds as Sapphire Ventures, Google Ventures, Notion Capital and Softbank’s investment arm (SBI) to the E-funding group.
- Mojo Mortgages
Mojo Mortgages located in Cheshire combines with human mortgage brokers to provide mortgages. The legitimate process contributes to anyone seeking a mortgage to check their availability quickly online, and compare offers from 90 lenders. Later, the customer can make a call and contact one of the advisors for the full details. It also offers a free MortgageScore service online to help first time buyers see where the chances of getting a loan. Mojo recieves 0.4% of the loan amount secured as a broker, once approved. Mojo Mortgages raised a £7 million Series-A funding in February 2019, led by Maven Capital Partners and NVM Private Equity.
Paid covers gig economy workers and freelancers and pay them as soon as the work is accomplished instead of waiting for late invoices. The Durham-based firm is founded by Tom Howsam in 2017. The Fintech Company is an appealing proposition to any freelancer that has had to wait for an invoice to come in to pay an important bill. The product is still in private beta but once you have agreed some work for a client Paid will step in with an online contract guaranteeing payment within three days after completion of the project, with a 7.5% cut taken for the privilege.