Fintechs are perhaps one of the most dynamic and exciting areas of technology. The rapidly changing nature of consumer behavior, the rapid evolution of financial technologies, cybersecurity threats, and government and corporate regulation are just some of the factors contributing to this innovative industry that keeps both employees and employers on their toes.
If you’re looking for inspiration for your business, we’ve found several emerging UK fintechs worth introducing…
Thought Machine builds the Vault platform: cloud-native core banking and payments technology. It is on a mission to create technology that can run the world’s banks according to the best designs and software practices of the modern era. By doing so, it plans to permanently rid the world’s banks of the problems caused by poor technology running on existing infrastructure.
To date, the London-headquartered company has built a cloud-native, microservices and API-based platform called Vault Core: a complete core banking platform that can be easily configured to meet the needs of any bank. They place great emphasis on their culture of engineering excellence and are determined to bring about transformational change in the banking industry.
Last month it was reported that Thought Machine, which was recently valued as a $3 billion unicorn, was sounding out bankers about floating on the stock market.
Thought Machine is currently recruiting for a number of positions in Singapore.
Top 10 fintech companies in London – Financial technology is an exciting sector full of innovation. We present the top 10 London fintech companies to look out for
According to Deloitte, Allica Bank is the fastest growing British fintech in history.
Allica focuses on serving established and ambitious mid-sized SMEs – typically with 10 to 250 employees. These companies represent more than 30 percent of all UK jobs and GDP, but are underserved by traditional banks, while other neobanks, such as Monzo, focus on micro-businesses and consumers.
Milton Keynes-based Allica lent £1.4 billion to small businesses last year and has plans to triple that amount next year. Considering it only launched in March 2020, the bank even turned a profit last year – which is unusual in the cash-intensive fintech sector, where cash is burned quickly.
The goal is to increase a market share of 10 percent in the next five years.
10x Banking (10x) is another London-based technology company building better banks with its next-generation, cloud-native SaaS platform, SuperCore.
A transformational approach to data management, APIs and a design architecture that is secure, scalable and compliant means banks are supported 10x in the step of being product first and offering mortgages, credit cards and checking accounts, rather than actually in to respond to the needs of their customers. 10X creates one customer record.
Founded in 2016 by former Barclays CEO Antony Jenkins, 10x was valued at around £600m in 2021 when it raised £150m. Other investors include JP Morgan and Australian bank Westpac. Institutions BlackRock and the Canada Pension Plan saw the opportunity in their business model.
Jenkins told it The times earlier this year he announced that he wants to grow the company from a handful of customers to somewhere between 15 and 20 customers by the end of 2025.
GoCardless aims to “take the pain out of getting paid” for businesses that receive automatic, recurring payments from customers. Every year, GoCardless processes more than $35 billion in payments in more than 30 countries. The Alphabet-backed company’s software integrates with the applications businesses use, giving them greater visibility into payments and saving time on tasks such as reconciling payments.
It has deals with more than 300 billing and subscription software partners worldwide, including QuickBooks, Sage and Salesforce.
The services are used by 76,000 companies, including TripAdvisor and DocuSign, and employ 850 people. In February 2022, GoCardless announced a £254 million ($312 million) Series G funding round, making it the latest European and UK tech unicorn with a £1.7 billion ($2.1 billion) valuation.
Teya is a payment services provider, led by Brazilian CEO Eduardo Pontes, that serves small and medium-sized businesses with payment acceptance, inventory and order management, and customer loyalty products.
Founded in 2019, the company aims to create affordable, fast and secure payment solutions that can help more than 300,000 small and medium-sized businesses better manage and grow their operations.
Where Stripe, Adyen and Square built a modern payments stack from scratch, London-based Teya is doing the same by buying the individual pieces as separate business acquisitions.
But it’s not just payments. Teya offers a bundled fintech solution for small businesses, including cash advances, a digital loyalty platform, website builder, advanced electronic point of sale system (ePOS) and merchant account features.
If you’re interested in more open positions in the fintech space, discover even more openings on the GrowthBusiness careers board.
Rosaleen McMeel is publishing director at our job board partner Jobbio and is based in Dublin
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