Six of London's new breed of financial technology companies have been accepted onto the UK government-backed Future Fifty programme, re-affirming the capital's position as a global hub for fintech startups.
Tech City UK has announced that 12 growth stage digital companies will be joining its Future Fifty programme this month, with representatives from the booming fintech scene including Algomi, GoCardless, LMAX Exchange, RateSetter, TransferWise and WorldRemit.
Taavet Hinrikus, co-founder of TransferWise, says: “London is a fantastic place for fintech because it brings together both tech and financial talent from all over the world. In order to keep London as a driving force for both fintech and innovation, it’s important to have good communication with the government. Tech City UK’s Future Fifty programme is helping startups like TransferWise to do just that.”
Launched in October 2013, the Future Fifty programme provides support to some of Europe’s leading growth-stage technology businesses, offering introductions to private sector stakeholders, guidance on policy, recruitment and global expansion and acting as an advocate on business issues with the UK government's Trade and Investment department.
The current Future Fifty companies have created significant job growth, employing over 15,000 people. Together they have generated an estimated £2.1bn in net revenue - representing an average growth of over 60% in the last 12 months. In the last 10 months, four of the companies have completed IPOs on the London stock markets with a total value of £4bn. Thirteen of the companies have attracted a combined £260m in investment.