With VC investment in the UK's financial technology sector soaring, Tech Nation has unveiled the 30 scaleups selected to participate in the fourth cohort of its fintech programme.
The six-month government-backed programme is designed to support fintech and insurtech companies in the UK. Participants get access to networking events with key stakeholders, peer-to-peer meetups, and insights sessions delivered by established fintech entrepreneurs, investors and partners.
The 30 firms span 11 fintech subsectors, from payments, to proptech to SME financing. London dominates, home to 18 of the participants, while 30% have at least one female founder. The majority of the companies are at seed stage with others at pre-seed or series A, and the group has already collectively raised £128 million and employs more than 700 people.
The Fintech 4.0 cohort is announced as new figures show that in the first nine months of the year, UK fintech firms raised $11.4 billion in VC funding - more than double the $4.6 billion raised in the whole of 2020.
Economic Secretary to the Treasury, John Glen says: "Our backing for this scheme is one part of our commitment to making the UK a great place for Fintech companies to set-up, and scale-up. With investment in UK Fintech soaring, and 40% of these new companies based outside of London, investors are clearly seeing the enormous potential in this sector across the UK."