Fintech Companies UK to watch in 2021
The UK Fintech sector is ranked second in the world after the USA. Fintech, or Financial Technology, attracts more investment than any other sector. These companies are bringing innovative technologies to give their consumers the best service. According to estimates, since 2011 these new fintech startups have raised £14.9 billion in investment in equity funding. However, the new startups are causing real challenges to the traditional banking, payment, and lending system. Today, in this article we’ll look at the list of Fintech companies UK to watch in 2021.
Fintech Companies UK:
Orka Technology Group:
This group aims to target hourly workers. Their products aim to resolve challenges around high-velocity employment, high turnover, and high volumes within industries like cleaning, security, and others. The group has three products which are:
- Works: This products helps workers find relevant work in different industries
- Pay: Workers can find opportunities with flexible pay options.
- Check: This is a kind of passport which helps workers to prove who they are.
The company’s founders are Nick Groves, Tom Pickersgill, and James Dayle, and they set up this company in 2016.
OakNorth Bank:
The bank aims to provide debt finance facilities to many fast-growing businesses in the UK. This bank is often referred to as the ” Bank of entrepreneurs for entrepreneurs”. The bank is the most active lender in the UK today.
Payment Sense:
Payment Sense provides its services in the UK and Ireland. It provides payment solutions to small businesses in the UK. Businesses can also analyze their performance with its software that generates sales reports of the business as well. It delivers face-to-face and virtual payment solutions.
TransferWise:
It is a cheap money transfer service in the UK. You can transfer money anywhere in the world. The app is simple to use and is compatible with many smartphones.
Monzo:
Monzo is the most popular online bank in the UK with more than 3 million customers. The registration process and simple to use. The app is easily available on both android and iOS. It offers its customers a wide range of money management features such as current accounts.
Revolut:
Revolut is also a digital bank. Customers need to download its app on their mobile app. It has over 9 million customers in the UK. The customers of Revolut can enjoy making transactions in over 150 currencies.
Molo Finance:
The headquarter of Molo Finance is in Central London. The company’s operating model is entirely online which is unique of its kind in the UK. It is a mortgage lender and the application is online and easy.
Market Finance:
Market Finance also provides funding solutions to businesses across the UK. It has provided £2.6 billion in finance to different businesses in the UK.
Starling Bank:
Starling bank is a type of challenger bank that provides a range of services to its customers. It is a fully licensed bank with a variety of benefits such as enabling users to control their spending habits. It offers four types of accounts to its customers which are, Personal, Joint, Business, and Euro. Its personal account is the most popular one which offers free cash withdrawals and no fees and even overdraft facilities to its customers.
GoCardless:
GoCardless is a payment solution for businesses that helps them making recurring payments through direct debit. It operates in 30 countries and customers can receive payments directly into their accounts with this solution. Businesses can also receive payments on a real exchange rate basis. Its dashboard is easy and simple to use which makes it popular among large businesses across the UK where companies have to make large recurring payments to their customers.
