Top 10 Fintech Startups in UK

Ever since the digital revolution that made everything accessible with just a click on our phones, growth in technology has seen no bounds. An essential part of our being in the current century, technology has undoubtedly made things easier. One can pay bills on the phone, make travel plans, transfer money, and so much more all due to a new facet of technology known as Fintech i.e. Finance and Technology combined. Fintech has seen an incredible amount of growth in the last decade or so and there are always new inventions taking place so that startups can retain their positions as competitors in the industry. 
Here’s a list of some of the topmost Fintech Startups in the United Kingdom -

1. OpenGamma- Founded in 2009 by Kirk Wylie, OpenGamma is an analytics company dedicated to reducing the costs of trading derivatives. It is due to their understanding of the CCP margin that provides them with unique model access and capital models, along with their usage of cloud-based technologies that they’ve managed to find new ways to increase returns. The company has built a global client base consisting of the world’s leading financial institutions and companies across clearinghouses, banks, and buy-side firms.

2. Credit Kudos- Credit Kudos is an FCA- Authorised credit bureau and AISP that uses financial behaviour to measure creditworthiness. Founded in 2015, they have links with various banks throughout the country through which the company interprets customer data which is used by lenders, brokers, and financial institutions. The data is customer consented and Credit Kudos uses HTTPS 256-bit encryption when transmitting and storing data to keep customers safe. The company is backed by Entrepreneur First, Europe's leading pre-seed investment programme for technical founders.

3. Dozens- The main concept behind Dozens is to build a digital current account which offers effective saving and investing. It is an e-money firm offering current accounts, and an investment firm offering investment products and cash savings accounts. According to their website, "Our income as a business is directly linked to the returns we create for you. We keep a smaller share and pass on the majority to you. Unlike most banks, we are not looking to make money from things like overdrafts, but by helping you save, invest and grow your money. So our goals are the same as yours."

4. Coinfirm- Founded in 2016 by Pawel Kuskowski, Pawel Aleksander, Jakub Fijolek, Grant Blaisdell and Maciej Ziolkowski, Coinfirm Ltd. develops a verification and compliance platform for blockchain. According to their website, “The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies.” The company provides anti-money laundering (AML) and know your customer (KYC) services for virtual currencies and blockchain actors as well. Coinfirm Ltd. has a strategic partnership with SEI Wealth Platform.

5. Loot- Loot is a digital banking and a money-management app that offers insights into their customers’ spending habits with personalised features to manage their money. It was founded in 2015 by Ollie Purdue. The app is majorly for students and young people to better manage their finances and not go overboard with their money. The money is kept in a separate, protected account and is available anytime the customer needs it. 

6. Starling Bank- Starling Bank is a mobile-only bank offering personal, joint and business accounts. In current accounts, customers can instantly set up standing orders and payments, manage direct debits, connect with the digital wallet of choice and earn interest on their balance. The bank also provides the facility of business banking, borrowing, and money transfers.  Since its founding, it has received over $300 million in funding.  The company received its banking licence from the Prudential Regulation Authority and the Financial Conduct Authority in July 2016. 

7. CreditLadder- Claiming to be UK’s first and biggest rent reporting service, CreditLadder verifies rent payments & this builds their customers’ Experian credit history. This, in turn, may help them access better rates on credit cards, loans, and utilities. Tenants can use their biggest expense, rent, to improve their credit score and get access to better finance deals such as mortgages as a result. 

8. Divido- Founded in 2014 by Anders Hallsten, Chister Holloman and Fredrik Borgquist, Divido is a retail finance platform that allows companies to offer instant customer finance. It’s a multi-lender, multi-country retail finance, and loan origination platform. According to their website, through one integration, the company connects multiple competing lenders, delivering high acceptance rates and low fees. The platform is also omnichannel, available online, in-store and via mobile. Divido is the winner of eCommerce Company of 2017 and Best Banking, Insurance and Financial Services at the E-commerce Awards 2017. 

9. Enforcd- Enforcd is a global regulatory intelligence platform to help financial services firms embed a strong compliance culture. An innovative company that is working in the RegTech field with its use of technology to aid regulatory compliance, Enforcd brings a variety of “complementary information together and analyses it, using a mixture of algorithmic techniques, with the ‘human in the loop’, to make required action clear and to enable meaningful analysis of the regulatory agenda.”

10. TrueLayer- Founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer designs and develops application software. The company builds universal APIs that allow companies to securely and efficiently access their customers’ bank accounts to share financial data, make payments and validate their identity. In January 2019, TrueLayer launched a new Open Banking and PSD2-based payments API, thereby giving their customers an alternative to card payments and bank transfers and provides companies with secure access to banking infrastructure.

It is safe to say that Fintech has brought with itself an advanced mechanism, a different perspective and some brand new hopes for the future. Competitors and positions may change every year, but Fintech is here to stay.

- Vaishnavi Mohan

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Top 10 Fintech Startups in UK Top 10 Fintech Startups in UK Reviewed by EMN on April 09, 2019 Rating: 5

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