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Are these the best fintech start-ups in the UK?

business-articlesAre these the best fintech start-ups in the UK?

The five fintech start-ups on this list are all very successful in different ways. Chip is a company that helps millennials save money, DueDil helps companies with rich information about private companies, Crowdcube supports fund raising, Receipt Bank is revolutionising bookkeeping, while Finimize aims to illuminate investment.

Let’s take a closer look at each of these successful fintech companies and what makes them stand out from the crowd…

Chip

The automated savings app (which can be downloaded on android or iOS) links up to your current account and uses an algorithm to calculate how much you can afford to save. The amount is then transferred to a Chip savings account, which is held by Barclays.

The best part about this is that the amount you can afford to save is always adjusted depending on your spending habits.

Labelled as a ‘plugin banking’ app, it will sit on top of your current account and according to CMO Alex Lantham, ‘does the things that actually help you with your money’.

‘We are tackling three of the biggest problems young people face: the inability to save money, the difficulty of tracking spending […] [and] the problem of getting stuck in a cycle of debt and paying a premium for it.’

DueDil

One of the UK’s most promising financial technology companies is a private company information platform that allows businesses to find opportunities and mitigate risks.

The company provides authoritative data and rich context on over 40 million companies across 9 European countries.

They are on a ‘mission to become the world’s largest source of private company information’ and their aim is to make the information on private companies as detailed and accessible as it is for public companies.

The platform pulls together information from thousands of sources, including company websites, financial filings, news reports, registry data, trademarks, and court judgements.

The company, since being founded in 2011, has managed to raise nearly $30m from investors both in the UK and US, including Oak Investment Partners, Passion Capital and Notion Capital.

Crowdcube

Kickstarter is a company everyone has heard of, a peer-to-peer platform that allows people to raise funds for projects through donations from the general public. Crowdcube took this idea, but applied it to investing in actual businesses.

Users of Crowdcube can invest in start-ups, early stage and growth businesses and receive equity, debt and investment fund options in return.

Backed by Balderton Capital, Numis and Draper Esprit, the company has managed to win and be shortlisted for an impressive amount of awards in its lifetime, from winning The Smarta100 Award in 2011 to the 2015 Shares Award, Winner of Best Crowdfunding Platform.

Receipt Bank

Receipt Bank, selected as one of the UK’s ‘Future Fifty’ technology companies, is an automated bookkeeping and data entry service that aims to solve a tedious problem for businesses.

The company has been revolutionising accounting for small businesses since they were founded in 2010. They have come a long way since then, providing technology that ‘unlocks the value of accounting data’.

The AI and automation technologies are used by 5,000 accounting and bookkeeping firms, as well as tens of thousands of small business customers, who benefit from ‘cost savings, effortless bookkeeping, and real-time accounting’.

As Receipt Bank is being adopted by hundreds of new firms every month, they can boast of having 100%+ year-on-year growth.

Finimize

The statistic that started this company off was: ‘86 per cent of millennials save each month but they keep more than 50 per cent of their assets in cash, because there is no suitable way for them to get financial advice.’ 

The company started as an email newsletter for bite-sized financial news as the founder, Max Rofagha, wanted to close the ‘advice gap’ in the UK to empower millennials to become their own financial advisors.

Rofagha, founder and CEO of the company, was named one of Forbes ’30 under 30’ in 2016, and others behind the business are responsible for previously setting up $100m businesses.

Rofagha didn’t want Finimize to be a ‘black box’ that invests your money and promises returns, but instead designed it as a tool to help people understand what it is they’re investing and why they are doing so.
 
Hopefully this look at some of the UK’s best fintech start-ups has encouraged you to push forward with your own venture.

And remember, if your business has international payments to manage, our experts are on hand to help – get in touch on +44 20 7847 9400.

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