FinTech Unicorns in the UK | Full List 2021

Share on facebook
Share on linkedin
Share on whatsapp
Share on twitter
Share on email
Fintech Unicorns in UK | Full List 2021
Share on facebook
Share on linkedin
Share on whatsapp
Share on twitter
Share on email

With London being a leading business centre and a home to the world’s largest financial institutions, it is no wonder that the city has become a “superhub” of FinTech activities as well. The UK has produced 10% of the Fintech Unicorns worldwide, including some of the industry’s biggest names such as Revolut or Checkout.com. In terms of impact and numbers, the country comes second only to the US. The industry is growing rapidly, in only the past 10 months, 10 companies have reached the coveted unicorn status. 

Below, we give you a breakdown of the full list of FinTech Unicorns in the UK:

1. Revolut

Since 2015, Revolut has expanded its digital banking services from just money transfers and exchanges, to stock trading, crypto currency exchange or even peer-to-peer payments. With a valuation of over $33 billion, it is the country’s most valued FinTech and Tech start-up in history. 

2. Checkout.com

Checkout.com provides seamless cross border payments solutions for digital commerce. The company processes payments for big clients such as Pizza Hut, H&M, and even FinTechs like Coinbase, Klarna and Revolut. 

3. Wise

Formerly known as TransferWise, Wise provides money transferring services to over 10 million businesses and private individuals. 

4. ZEPZ

ZEPZ, formerly WorldRemit, is a digital payments platform that helps over 11 million users send money abroad through their computers, smartphones or tablets. 

5. BGL Group

BGL Group offers a range of motor, home and life insurance products to over 10 million customers in the United Kingdom. Additionally, the company also operates price comparison websites such as comparethemarket.com in the UK or LesFurets.com in France.

6. Oaknorth

OakNorth received its full banking licence in 2015 and has since been servicing small and medium-sized companies. Since its inception, the FinTech has provided more than $5 billion worth of loans to UK companies such as Leon.

7. Bought By Many

Bought By Many is the first pet insurance provider in the UK that offers online claims. Besides insurance, the company also gives its customers access to free online consultations with registered vets as well as a lifeline for pet parents.

8. Zilch

Zilch provides a unique over-the-top platform with Open Banking Technology, which is a new way of defining Buy Now, Pay Later (BNPL) to prevent problematic debt. Zilch is known as one of the rapid-growing BNPL in British market.

9. Starling Bank

Starling Bank is one of the UK’s largest mobile banking platforms offering current and business accounts. The FinTech has received four consecutive Best British Bank Award from 2018 to 2021. 

10. Remitly

Remitly is one of the cross-border payments company that leverages digital channels such as mobile phones, to send money across the borders. The company aims to provide faster, cheaper, and convenient money transfer service to its customers.

11. At-Bay

At-Bay is a cybersecurity insurance company that helps businesses protect from digital risks. Main idea behind the company is that combination of technology and industry insurance knowledge help to business for keeping up with digitalised world.

12. Monzo

Monzo is one of the UK’s earliest challenger banks. Since its inception in 2015, the bank has been able to provide current account services to over 4 million users. 

13. Marshmallow

Marshmallow is an InsurTech company focusing on making motor insurance more affordable, instant and inclusive in the United Kingdom. The company has been growing steadily since its inception in 2017 and reached a valuation of $1.25 billion in September 2021. 

14. Zego

Zego is a commercial on-demand insurance platform that offers motor insurance options for riders who work with their own vehicles, fleets or even those who are self-employed. Their policies are significantly more flexible than the traditional insurance companies, as their policies range from minute-by-minute to annual covers. 

15. Radius Payments Solutions

Radius provides a global card payment system, as well as a motor insurance product which reports individual driver information to insurance companies, enabling them to refine their risk calculations and offer better-priced insurance.

16. TrueLayer

TrueLayer is one of the Fintech platform where your bank data, accounts, and transaction tracking can be seen in real time. Main services of TrueLayer is based on providing consumer and server message block applications in such pillars of Fintech area such as online lending, robo-advisors, insurance, investment services, and cryptocurrencies.

17. PPRO

PPRO is a London-based payments infrastructure start-up that makes it easier for e-commerce players and payment providers to enable localised payments. In 2020, the company managed to process over $11 billion for its customers, including major clients such as Mollie, PayPal or Worldpay. 

18. SmartAsset

SmartAsset offers financial information and advisory service for its consumers, and be a connector between consumers and financial advisors in national market places.

14. Tractable

Tractable develops AI solutions for accident and disaster recovery. Providing its product to the largest insurers worldwide, Tractable’s technology can optimize claims processes by producing end-to-end evaluations of vehicle damage in mere minutes. 

15. SaltPay

SaltPay is a London-based payments company that enables European SMEs to access services that can automate their operations. 

16. Zopa

Zopa is one of the P2P lending service that provide a platform where borrowers and lenders can deal directly without any middleman with low rates, flexible terms, and no early repayment fees.

CFTE's Live Ranking of Fintech Unicorns by Market Valuation

What have the Investments in FinTech been in the UK?

A lot of FinTech companies were founded after 2008 as a reaction to the financial crisis. Customers’ trust in traditional financial institutions dropped and a need for more transparent banking and improved customer service arose. 

Since the early 2010s, FinTech has been gaining more and more traction each year. Annual UK FinTech investments have been in the sphere of billions as of 2015. According to the FinTech report by KPMG, UK FinTech startups raised $24.5 billion in investments in the first half of 2021, which is already a 400% improvement compared to the previous year. 

How many FinTech unicorns does the UK have? 

Currently, there are 15 unicorns in the UK, which means that approximately 10% of FinTech unicorns are based here. This makes the country, specifically its capital London, the epicentre of the European FinTech industry. Globally, the UK is also considered as one of the major players on the market, coming second only to the United States. 

It is important to note that FinTech in the UK is booming outside of London as well. Scotland, or cities like Manchester, Birmingham or Leeds are homes to at least 1/3 of the FinTech companies in the country. 

Which FinTech sectors have the most FinTech unicorns in the UK? 

Overall, the UK has produced some of the world’s most successful and recognizable FinTech companies, from challenger banks such as Revolut, Monzo, Starling Bank, to digital insurance companies such as Marshmallow or Zego. 

However, currently, almost 50% of the UK FinTech unicorns are in payments. In comparison to the other sectors, digital payments services have the highest adoption rates among consumers and small-to-medium companies as well. According to EY’s Global FinTech Adoption Index, the adoption rate of PayTech was almost 75% among consumers and 56% with SMEs in 2019. 

CFTE's Live Ranking of Fintech Unicorns by Market Valuation

Learn the skills of Fintech

Learn the skills of Fintech

More To Explore

Industry News

Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

You will be learning from a curated line-up of industry leaders, experts, and entrepreneurs hailing from Fortune 500 companies and Tech Unicorns, among others. They will each be presenting their knowledge and experience in the field of digital finance. No matter if you are embarking on a new journey or fortifying your role, these lecturers and guest experts will guide you through the perspective of established institutions like – Starling Bank, Wells Fargo, tech giants like – Google, IBM, successful startups such as – Kabbage or Plaid, among many more!