The UK has been a hotbed of Fintech innovation for years now. The one-two punch of a creative financial services industry combined with a world-leading regulatory approach have joined to create a robust ecosystem of Fintech development. Of course, none of this would take place without access to risk capital – angels, VCs, and other investors willing to back early-stage firms.
Beauhurst, a UK data platform that tracks early stage investment, has published a short report that highlights the biggest venture capital rounds so far in 2019. At the top of the list is Deliveroo, a company that landed the $575 million -“the largest raise by a British startup ever.” But included on the list are some other well-known names that are helping to transform the financial services sector.
Checkout.com, a payments processor raised $230 million in May giving it Unicorn status.
WorldRemit banked $175 million in funding the same month in a Series D round which valued the transfers/payment platform at about $900 million. Beauhurst notes that WorldRemit is the first UK financial services firm to be approved to operate in all 50 US states.
Digital only bank Monzo collected £113 million. Monzo is planning to cross the Atlantic and set up shop in the US soon.
The UK based Insurtech Zego raised $42 million. The company provides instant insurance targeting the “gig economy.”
While not all big UK investments rounds landed in the Fintech category the companies mentioned above highlight the overall importance of the UK Fintech sector when it comes to entrepreneurship and creating new jobs and wealth.
