Fintechs dominate Future Fifty start-up stars

By Roger Baird on 27th March 2019

Fintech

Platforms such as Monzo, Revolut and Starling make up 10 of the 24 young firms inducted into the Tech Nation programme.

Fintechs dominate Future Fifty start-up stars

Fintech stars such as Monzo, Revolut and Starling have been picked to join a government-backed start-up programme that aims to create “global technology leaders of tomorrow”.

The three firms are part of a group of 24 late-stage tech businesses that have been inducted into this year’s Future Fifty, a group of firms that will receive high-level development advice from Tech Nation, a government-backed body which promotes the UK’s technology industries.

Fintech firms dominated the list, making up 10 of this year’s new entries. They join 26 firms that are still part of the scheme, while others have graduated, leaving room for new entrants in 2019.

Earlier this month, Revolut, hit the headlines after it emerged that regulator the Financial Conduct Authority is probing the digital bank over whether it flouted anti-money laundering controls.

Other fintech firms chosen for the programme include MarketInvoice, Aire, Blockchain, Quantexa, Nested, CurrencyCloud and Salary Finance.

Tech Nation will invite the new inductees to masterclasses “to help them build their profile and move to the next level” and introduce them to “senior decision-makers” in government.

The programme kicked off with a dinner at Mansion House in the City, with Lord Mayor Peter Estlin as the key speaker.

The Future Fifty programme has earmarked 127 firms since it launched in 2013, including some that have that gone on to become household names such as Just Eat, Deliveroo amd Made.com. Listed peer-to-peer firm Funding Circle and money transfer service Transferwise also successfully came through the scheme.

Nineteen of the 24 new firms are based in London, with the other five making their headquarters in Cambridge, Bristol, Glasgow, Nottingham, and Watford.   

The 24 firms have raised £1.4bn from investors between them and boast an average annual growth rate of 187 per cent. They typically generate £9m in sales a year.

Tech Nation adds the three common challenges that face these firms is finding top talent, increasing their media profile and expanding internationally.

Here is the list of new entrants in this year’s Future Fifty:

  • Fintech: Aire (London); Blockchain (London); Currencycloud (London); MarketInvoice (London); Monzo Bank (London); Nested (London); Quantexa (London); Starling Bank (London); Revolut (London); Salary Finance (London)

  • Data Analytics: Behavox (London)

  • Ecommerce and Marketplaces: Bizuma (London)

  • Hardware Devices and Internet of Things: Bulb Energy (London); M Squared Lasers (Glasgow); Reach Robotics (Bristol)

  • Digital Entertainment: Culture Trip (London); Mediatonic (London)

  • Software as a Service: Ensek (Nottingham); Kimble Applications (London)

  • Cyber Security: Garrison Technology (London).

  • Biotech and Healthcare: Ieso Digital Health (Cambridge).

  • Adtech and Marketing: GlobalWebIndex (London).

  • Enterprise Software: Perkbox (London); StarLeaf (Watford).

 

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