With 1,139 fintech startups as of 2020, the 10 most invested fintech companies in the UK have received a total of £ 3.9 billion in investments to date.
Investments in fintech startups have been skyrocketing in recent years. The country receiving N multi Venture Capital investment after the US is the UK. As of 2020, there are 1,139 fintech companies in the country, with 75 per cent of fintechs based in London. The total amount of investment received by the 10 fintech companies with the most investments in the country to date has reached £ 3.9 billion.
According to the report in fintechistanbul, these firms, which are located around Westminster and the business centre of the city called City of London, take advantage of being in London to reach finance, potential customers, collaborations and public authorities. In the country, fintech investments rose from £ 24 billion in 2018 to £ 48.5 billion in 2019, the highest investment figure in the last 6 years. When fintechs are in the top 10 based on the size of their funding, OakNorth Bank is in first place, having received a total of £ 637 million in funding as of June 2020. It is followed by Revolut with a £ 627 million investment and Atom, which has received a £ 427 million investment.
Here are the UK’s 10 most invested fintech companies and their working models:
As of June 2020, OakNorth Bank, the venture with the most funding, with £ 637 million, was founded in London in 2013. OakNorth Bank offers loans, real estate loans and savings accounts to entrepreneurs and growing companies. It was founded with the motto” entrepreneur Bank founded by entrepreneurs ” and still carries on with the same vision. So far it has given £ 3.3 billion in loans and has customers with over 55 thousand accounts. He is able to loan from £ 500 thousand to £ 45 million to fast-growing businesses, and he wants to aloke the loan specifically to entrepreneurial companies. The credit philosophy is based on understanding the one-to-one needs of the entrepreneurs and reaching the funding accordingly, rather than hanging on to collateral. Lenders can also join credit committees and explain their growth plans and funding needs. Other than that, they offer several kinds of savings accounts.
The company , which was founded in 2013, has received £ 627 million in funding. Revolut is a London-based company. Revolut, a complete “Unicorn”, provides digital banking services through the application. Since it began operations in 2015, it has created a trading volume of £ 350 billion over 40 million. He has 9 million customers. It has three different packages. Standard, Platinum and Metal.
A fintech company set up in 2013 received £ 482 million in funding. Atom provides” digital-only ” banking service through the application. It distinguishes itself from other digital banks in this way: it does not open a due account, it only provides savings accounts, mortgages and commercial loans. So he doesn’t have a bank card, he doesn’t have any physical branches. Savings accounts are termed from 3 months to 5 years, and this offers monthly or annual interest. Business models use the cost to these areas to deliver more competitive interest rates without offering any physical services or locations. Mortgage payments are displayed via the real time application. It also credits up to 75 percent with commercial real estate collateral.
Founded in 2010, the London-based company received £ 329 million in funding. Paymentsense offers face-to-face or virtual payment solutions to up to 70 thousand companies in the UK or Ireland. There’s a sales report in their app that companies can create and analyze specifically for them to keep track of their performance. They cover a sale of £ 10 billion in 250 million transactions a year. Paymentsense supplies face-to-face payment tools, especially over-the-counter, portable or mobile card devices. There are still 3 kinds of Virtual options. Pay Online, – pay by Email-pay by Phone.
Founded in 2015, the company received £ 324 million in funding. Monzo, a digital bank, supplies customers with demand accounts and a range of banking services and money management. It has no branches but has offices in Cardiff and Las Vegas. It employs 800 people. It provides services via IOS and Android. It has 3 million customers and has received all FCA-approved banking certificates. Monzo supplies customers with a prepaid account as well as a free ten-Pay Mastercard. Demand account holders can take advantage of overdraft accounts, just like in a bank. He has two products to the fore. The first is a savings account where they earn interest. They cash in on their expenses and throw the rest into their savings account. This automatically saves money in your savings account. The other is the feature that automatically organizes and separates where the salary is spent in the salary account. Monzo Mastercard can also be used abroad. The other currency they can use to easily and inexpensively turn both the first 30 days are free. They can withdraw money from an ATM.
The fintech company, founded in London in 2009, received a £ 311m investment. WorldRemit offers online money transfer services to 150 different countries. You can do 90% of the transactions in minutes. It has 4 million users. It has reached 700 employees on 6 continents. Their most important feature is that they serve to transfer money around the world. There are various forms of Service. Bank transfer, cash payment from certain points, Mobile Money app with electronic wallet service and payment service called door-to-door. While all these transfers are very fast, door-to-door payment can take time depending on the location where the payment will be made, but there are 24/7 shipping services for this.
Founded in 2010, the company received funding of £ 305 million. TransferWise allows money transfer using real interbank rates. It uses smart technology to reflect realistic exchange rates rather than banks ‘ high and inflated rates, and can send money to 59 countries as part of the transfer fee. A monthly volume of £ 4 billion is realised through the company. Mastercard’s debit card is also given to the customer. You can open a commercial account. It is very advantageous because they offer real interbank rates to companies trading in different currencies.
Founded in 2011, the company has received £ 304 million in funding to date. SumUp is a company that offers salesmen a payment system via smart device. It either sends a payment link to the recipient’s phone or uses a card reading section.
Founded in 2011, the company has received a £ 301 million investment. Iwoca offers short-term loans of £ 1,000 -200k to small businesses. A company that specifically takes startups as its target audience. Thanks to its technology, it can quickly and effectively score small business credit risk. It is not only able to credit score, but it is able to evaluate credit from very different data.
Founded in 2014, the bank received a total of £ 273 million in funding. Starling Bank offers its customers a digital service without going to the branch. He has a full banking license. Its customers ‘ deposits of up to 85 thousand pounds are under state guarantee, as are all banks.