Our society and our wallets are dominated by information technologies and modern fintech applications in the technological era.
The largest demand is for FinTech companies and scaleups that provide a rich framework of investment management and financial innovations.
FinTech businesses and startups offer software services, and many of them are currently regarded as roughly similar to banks and, in some ways, superior.
In the United Kingdom, fintech and insurtech are expanding at a phenomenal rate.
In 2021 alone, the fintech industry received a record-breaking $11.6 billion in investments, or approximately fifty percent of all investments in Europe.
Much of this quick growth can be ascribed to the country’s access to world-class talent, business-friendly legislation, and readily available finance.
With this mix, the United Kingdom is an ideal location for all types of financial firms.
Continue reading to find out the biggest FinTech companies in London.
List of the biggest fintech companies London:
- Funding Circle
- Starling Bank
- Equals Money
The London-based fintech business Revolut, founded in 2015, will have more than 2,100 workers by the end of 2022.
The FinTech Company provides a variety of online banking services.
They targeted tech-savvy mobile app users, including the ability to send money abroad in 29 different currencies using a prepaid debit card that permits cash withdrawals in 120 countries.
Revolut provides additional vaults for saving money and budgeting, as well as international medical insurance.
Users opt for a free UK current account for ordinary accounts and a free euro IBAN account overall.
There are no additional fees for converting more than 30 currencies, up to £5,000 every month, and members can withdraw up to £200 from cash machines per month.
Wise, formerly known as Transferwise, is an international payment platform that enables businesses and people to send, spend, and receive money globally.
Taavet Hinrikus, a Deloitte alumnus, a Skype alumnus, and Kristo Kaarmann, were dissatisfied with the high cost of sending money abroad, so they sought to design a more cost-effective method of transferring money.
Wise services are currently accessible in over 80 countries and support 54 different currencies, including the Polish zoty (PLN) and the Romanian leu (RON).
Wise has raised $1.3 billion from investors such as Silicon Valley Bank and Index Ventures.
The fintech company went public on the London Stock Exchange in 2021.
3. Funding Circle
Funding Circle, one of the three largest peer-to-peer lenders in the United Kingdom and the very first to go public, claims to have helped roughly 50,000 small and medium-sized businesses achieve their objectives by giving a total of £5 billion in loans through its platform.
Since becoming public, Funding Circle has experienced some ups and downs, but it just announced a record year, with loans under administration reaching £3.7 billion and a 13 percent increase in share price.
Samir Desai, co-founder, and chief executive officer stated that loans under administration hit £3.7 billion in the third quarter and that expected returns for 2019 continued to rise over the past few years.
Funding Circle matches amateur lenders with minor loan recipients and permits the former to sell portions of the loan if they choose to cash out.
Some lenders indicate that this procedure can take up to three months to complete.
To tackle this, Funding Circle has recently introduced a new tool that will allow the sale of loan portions easier and faster.
Loans were sold on a first-come, first-served basis, requiring investors to wait until they reached the front of the line before purchasing a loan.
4. Starling Bank
Starling Bank, founded by Anne Boden, is the first digital bank in the United Kingdom. Additionally, they have won the Best British Bank Award four times.
Starling Banks offers multiple consumer accounts (joint and personal) as well as business accounts with setup on the same day, no monthly fees, and simple accounting tools.
In addition, they provide a mobile banking app with features such as quick notifications on spending and income, no foreign transaction fees, and 24/7 customer service.
Starling Bank is dedicated to sustainable banking practices and carbon neutrality.
In 2021, the company became a founder member of TechZero, a climate action organization for UK-based technology companies dedicated to combating the climate issue.
The financial technology startup released its budgeting solution for small businesses in 2022.
This application enables clients of Starling to automatically pay direct debits and standing orders from savings accounts. Additionally, customers can set up direct payments from their accounts.
Rapyd is a payments platform that integrates fintech services into any app, hence facilitating user access to local payment methods.
Rapyd has expanded significantly and become one of the major local payment networks since its inception.
Rapyd provides more than 900 payment options in 100 countries, enabling its users to enter new markets, connect with new clients, and generate new opportunities wherever.
Monzo, one of the most innovative FinTech startups in London, operates a digital-only bank with innovative solutions and services to meet the demands of its customers.
With the purpose to create the finest bank account in the world, the burgeoning fintech app has accumulated more than 5 million users since its founding in 2015.
Monzo differentiates itself in the banking industry by concentrating on people’s actual concerns as opposed to selling its products.
In reality, they allow their users to manage their own finances. Thrive Capital, Passion Capital, Accel, Goodwater Capital, and General Catalyst are among Monzo’s investors.
They offer digital banking options such as loans, savings, rapid payments, and receipt tracking to over 6 million customers in the United Kingdom and the United States.
Monzo has raised $1,100,000,000 from investors including Accel, Tencent, and Y Combinator. The valuation of the fintech company in 2021 was $4.5 billion.
7. Equals Money
Equals Money enables organizations to efficiently manage cash flow and shift funds globally, thereby accelerating their growth.
In addition to supporting international payments in more than 140 currencies, they provide:
- Expense management and budgeting
- Multiple-currency Company accounts
- Physical and digital business cards
Equals Money is a part of the Equals Group, a London Stock Exchange-listed firm.