quickview-50-fastest-growing-UK-fintechs

S O N O V A T E Q U I C K V I E W S E R I E S

FA S T E S T GROW IN G U K F IN T ECHS

2015 was a pivotal year for European Fintechs. Growing VC funding levels by 32% to hit a record $1.5bn investment,

the EU Fintech market is a huge player at an international level against the US and Asia.

London is already considered the Fintech capital of the World, and strongly backed by the UK Government’s flexible

regulations, is worth £20bn to the economy. In terms of investment, UK Fintechs have attracted a total of $437.9m

during the short period covering October 2015 and March 2016.

As investment typically translates into new hires, this QuickView exposes the 50 fastest growing UK fintechs.

For more information get in touch on 020 7112 4949 or visit sonovate.com

TANDEM BANK

Sector - Digital Banking

Founded - 2013

Employees - 21 to 50

Headquarters - London

Funding - Unknown

Tandem Bank has built a full service digital retail bank by working closely to understand what customers want.

• Have raised £1m in crowdfunding in just 20 minutes in May 2016, reaching a total of £22m investment.

• Includes high profile executives formerly of Santander and Williams & Glyn on its board.

• Tandem Bank has been valued at £65m, and it hasn’t even launched yet.

1

tandem.co.uk

Employee Growth

2333%

Average Length of Employment (Y)

0.8

Senior Management Hires

12

New Employees

81

In this QuickView we dissect each Fintech to look at:

• Percentage Growth in Employees (over the last two years)• Number of New Employees• Senior Management Hires• Average Employee Lifespan• Total Funding• Overview of What They Do

DATE RANGE - LAST TWO YEARS (JUNE 2015 - MAY 2016) SOURCE: LINKEDIN


ATOM BANK

NOVICAP


Sector - Alternative Finance

Founded - 2013

Founded - 2014

Employees - 101+


Headquarters - Durham


Funding - $167,160,000

Funding - $3,400,000

Atom is the UK’s first bank which doesn’t have its own branch, but runs entirely from an app. Atom will also be the first digital only bank to offer biometric security.

NoviCap is a startup which technology and business model allows professional investors to provide working capital to businesses directly.

• 30,000 people have already registered with Atom.

• First app-only bank to be licensed by the Bank of England in 2015.

• Valued at £150m in 2015, before it was even launched.

• Closed a $1.7m seed round.

• NoviCap says it has has a 0% default rate since it started trading in 2014.

3

2

atombank.co.uk

novicap.com

Employee Growth

869%


0.9


9

New Employees

163

Employee Growth

933%


1.2


2

New Employees

46


ONFIDO BACKGROUND CHECKS

THOUGHT MACHINE

Sector - Data


Founded - 2012

Founded - 2014





Funding - $5,300,000

Funding - Unknown

Onfido is a data-driven platform that delivers intelligent background checks, helping businesses across the world verify anyone, anywhere.

Thought Machine is building technology to revolutionise the way people bank. Their new core banking platform Vault performs all the traditional functions of a bank - but in a robust, super scalable cloud computing solution.

• Raised $25m in Q1, 2016 to launch their services in the US, bringing the total investment raised to over $30m.

• The 1,000+ current customers have already run a total of 10m checks.

• Team includes people with backgrounds from Google to some of London’s top design agencies.

5

4

onfido.com

thoughtmachine.net

Employee Growth

353%


1.1


4

New Employees

85

Employee Growth

850%


1.2


1

New Employees

54


DIGITAL SHADOWS

Sector - Security

Founded - 2011



Funding - $22,000,000

digitalshadows.com

Digital Shadows provides cyber situational awareness to help businesses protect against cyber-attacks, loss of intellectual property, and loss of brand and reputational integrity.

Employee Growth

276%


1.2


4

New Employees

51

7

TRANSFERWISE

Sector - Cross Border Payments

Founded - 2010

Employees - 101+


Funding - $90,400,000

transferwise.com

TransferWise is a smart alternative to banks and brokers that enables consumers and SMEs to make money transfers around the world at a lower cost.

Employee Growth

266%


1.4


0

New Employees

365

8

DOPAY


Founded - 2014



Funding - $8,000,000

dopay.com

Because there are 2 billion people worldwide who have jobs but no bank account, DoPay offers banking services for un(der)banked employees through their employers.

Employee Growth

244%


1


3

New Employees

29

9


1.2

RECEIPT BANK

Sector - Innovative Banking Software

Founded - 2010



Funding - $15,000,000

receipt-bank.com

Receipt Bank makes the gathering, storage and processing of receipts and invoices as easy and as cost effective as possible.

Employee Growth

221%


2

New Employees

111

10

SONOVATE


Founded - 2012



Funding - $22,000,000

sonovate.com

Sonovate is the leading provider of finance to UK recruitment businesses who place contractors. Sonovate’s award winning combination of finance and technology is enabling UK recruitment businesses to increase profitability.

Employee Growth

350%


1.4

New Employees

49

6


0


WORLDREMIT


Founded - 2010

Employees - 101+


Funding - $147,660,000

worldremit.com

WorldRemit is an online service that lets people easily send money to friends and family living abroad to a bank account, cash pickup, Mobile Money, or Airtime top-up, using a computer, smartphone or tablet.

Employee Growth

211%


1.3

New Employees

257

12

TRANSFERGO


Founded - 2012



Funding - $2,710,000

transfergo.com

TransferGo allows customers to send money abroad 10x cheaper than banks and cash bureaus. TransferGo offers same business day delivery and a guaranteed destination amount without an extra charge.

Employee Growth

193%


1.6

New Employees

40

13

VOUCHEDFOR

Sector - Financial Planning

Founded - 2012


Headquarters - Twickenham

Funding - $7,700,000

vouchedfor.co.uk

VouchedFor helps its users find the best financial advisers, solicitors and accountants for help with life’s biggest decisions.

Employee Growth

175%


1.5

New Employees

49

14

FLYPAY

Sector - Payments

Founded - 2013



Funding - $12,440,000

flypay.co.uk

Flypay is a consumer services company that transforms the restaurant payment experience, allowing customers to check, split and pay their bill from their phone.

Employee Growth

169%


1.3

New Employees

43

15


2


2


3


5


1.2

IWOCA


Founded - 2011

Employees - 101+


Funding - $31,500,000

iwoca.co.uk

Iwoca offers a new type of credit facility designed for small businesses, allowing them to take advantage of opportunities previously only available to their larger peers.

Employee Growth

214%


1

New Employees

110

11


EZBOB LTD

Sector - Lending

Founded - 2011



Funding - $83,060,000

ezbob.com

Ezbob’s smart lending platform provides a fast, flexible and convenient source of credit to entrepreneurs looking to expand their business.

Employee Growth

153%


1.6

New Employees

36

16

ABIDE FINANCIAL


Founded - 2011



Funding - Unknown

abide-financial.com

Abide Financial is a leading transaction reporting provider with proven solutions across multiple regulatory regimes.

Employee Growth

143%


1.7

New Employees

38

17

PRODIGY FINANCE

Sector - Crowdfunding

Founded - 2007



Funding - $100,000,000

prodigyfinance.com

Prodigy Finance is the pioneer in community-based student finance. They crowdsource funding from alumni and institutional investors to send talented international students to the world’s top business schools.

Employee Growth

139%


1.5

New Employees

66

18

SEEDRS


Founded - 2009



Funding - $22,800,000

seedrs.com

Seedrs is the world’s leading equity crowdfunding platform that makes it simple for anyone to become investors in ambitious, growth-focused European businesses.

Employee Growth

120%


2

New Employees

39

19

FUNDING CIRCLE UK


Founded - 2010

Employees - 101+


Funding - $273,240,000

fundingcircle.com/uk

Funding Circle is the leading online marketplace for business loans, where people and organisations can directly lend to small businesses who can access fast, fair and transparent finance, while investors can earn attractive returns.

Employee Growth

116%


1.7

New Employees

238

20


1


1


2


2


3


APPDYNAMICS


Founded - 2010

Employees - 101+


Funding - $314,500,000

appdynamics.com

AppDynamics is an intelligent platform that gives software-defined businesses the ability to proactively monitor, manage, and optimise the most complex software environments.

Employee Growth

113%


1.7


19

New Employees

774

21

ZOPA

Sector - P2P Loans

Founded - 2005

Employees - 101+


Funding - $56,600,000

zopa.com

Zopa is the UK’s largest P2P lending site that offers P2P loans with low rates, flexible terms, and no early repayment fees.

Employee Growth

112%


2.2

New Employees

124

22

EBURY

Sector - Trading

Founded - 2009

Employees - 101+


Funding - $119,240,000

ebury.com

Ebury is a financial services company specifically designed to empower small and medium-sized businesses that want to trade internationally, offering them tailored currency services and flexible business funding.

Employee Growth

102%


1.5

New Employees

360

23

YOYO WALLET

Sector - Digital Wallet

Founded - 2013



Funding - $24,010,000

yoyowallet.com

Yoyo Wallet is the fastest growing and largest multi-retailer mobile wallet in the UK that offers instant vouchers receipt for rewards and in-app purchases and digital receipts when using the app as a payment method.

Employee Growth

100%


1.4

New Employees

61

24

AZIMO

Sector - Payments

Founded - 2012



Funding - $31,590,000

azimo.com/en

Azimo is a mobile and internet based payment processing company allowing customers to send money to banks, payout locations and mobile phones in over 190 countries around the world, in more than 70 currencies.

Employee Growth

89%


1.5

New Employees

84

25


1


3


3


5


KANTOX

Sector - Trading

Founded - 2011



Funding - $32,100,000

kantox.com

Kantox is a pioneer in the foreign exchange industry, providing currency exchange and international payment solutions for SMEs and mid-cap companies.

Employee Growth


1.5

New Employees

85

26

LENDINVEST

Sector - Real Estate

Founded - 2012



Funding - $58,620,000

lendinvest.com

LendInvest is a fast-growing P2P mortgage lending company for buy-to-let investors and property entrepreneurs. Their goal is to change the whole concept of mortgage - from how to get one, to how they are funded.

Employee Growth

80%


2.9

New Employees

91

28

DUEDIL

Sector - Data

Founded - 2011



Funding - $22,000,000

duedil.com

DueDil is a due diligence tool and online company database which provides business, accounting and director information on businesses registered in the UK & Ireland.

Employee Growth

67%


2

New Employees

73

29

MASABI

Sector - Payments

Founded - 2001



Funding - $20,800,000

masabi.com

Masabi is the global leader in transport mobile ticketing enabling passengers to buy and display tickets on mobile phones.

Employee Growth

54%


2.2

New Employees

60

30

GOCARDLESS

Sector - Payments

Founded - 2011



Funding - $24,800,000

gocardless.com

GoCardless processes direct debit payments in a cleaner, simpler, quicker way, making it cheap and easy for anyone to take payments online using the Direct Debit infrastructure.

Employee Growth

85%


1.7

New Employees

70

26

85%


1


1


3


4


4


EARTHPORT


Founded - 2010

Employees - 101+


Funding - Unknown

earthport.com

Earthport is a regulated financial services organisation specialised in cross-border payments to banks, e-commerce providers, money transfer companies and payment aggregators.

Employee Growth

50% 48%


2.6

New Employees

95

31

NUTMEG

Sector - Investment

Founded - 2011



Funding - $37,320,000

nutmeg.com

Nutmeg is the first discretionary investment management service in the UK that operates an end-to-end online business model. Specialising in investments, ISAs and pensions, the Nutmeg investment management service is intelligent, straightforward and fair.

Employee Growth


2.2

New Employees

84

32

ANGELS DEN


Founded - 2013



Funding - $1,000,000

angelsden.com

Angels Den is a face-to face Angel network, with Regional Managers across the UK, Singapore, Asia and Middle East busy finding entrepreneurs and Business Angels and bringing them together.

Employee Growth

45%


3.6

New Employees

17

33

FREEAGENT


Founded - 2007


Headquarters - Edinburgh

Funding - $5,860,000

freeagent.com

FreeAgent is an online accounting services that helps thousands of freelancers and small businesses manage their company accounts in a simple and stress-free way.

Employee Growth

39%


2.7

New Employees

48

34

IIPAY


Founded - 2003


Headquarters - Cheltenham

Funding - $1,300,000

iipay.com

iiPay is a leading cloud-based payroll company delivering global technology solutions to domestic and multi-national businesses.

Employee Growth


4.2

New Employees

23

35

38%


0


0


1


2


4


OSPER


Founded - 2012



Funding - $11,200,000

osper.com

Osper is a prepaid debit card and mobile banking service empowering young people to manage their money responsibly. Both parent and child get an app that allows them to track spending on the card together.

Employee Growth


1.9

New Employees

43

36

PREPAID FINANCIAL SERVICES (PFS)

Sector - Payments

Founded - 2007



Funding - Unknown

prepaidfinancialservices.com

Prepaid Financial Services is a payment card supplier, e-money institution and financial technology provider.

Employee Growth


2.6

New Employees

31

36

CALASTONE

Sector - Payments

Founded - 2007

Employees - 101+


Funding - $22,820,000

calastone.com

Calastone is a global transaction network for the mutual fund industry. Customers processing domestic and cross border Calastone transactions benefit from cost and risk reduction.

Employee Growth


2.7

New Employees

56

39

CHARITY BANK


Founded - 2002


Headquarters - Tonbrigde

Funding - $363,500

charitybank.org

Charity Bank is a savings and loans bank with a mission to use savers_ money to make loans to organisations with charitable purposes. Charity bank is entirely owned by charitable foundations, trusts and social purpose organisations.

Employee Growth


4.5

New Employees

25

39

MIURA SYSTEMS


Founded - 2008


Headquarters - Stokenchurch

Funding - $16,000,000

miurasystems.com

Miura Systems provides secure electronic payment hardware for the retail, hospitality, financial, government and healthcare markets.

Employee Growth


3.3


7

New Employees

45

40

38% 38% 27%

27% 25%


0


0


0


5


LOOT


Founded - 2014

Employees - 1 to 10


Funding - Unknown

loot.io

Loot is an online bank that helps people budget and manage their money in an easy and efficient way.

Employee Growth


0.7

New Employees

8

41

ACCESSPAY PTY LTD


Founded - 2012


Headquarters - Manchester

Funding - Undisclosed

accesspay.com

AccessPay provides next generation cloud based solutions that transform payments, cash management and treasury systems. The AccessPay web modules drive new efficiency, boosting productivity whilst reducing costs.

Employee Growth


4.5

New Employees

11

42

BORRO

Sector - Lending

Founded - 2008



Funding - $171,570,000

borro.com/uk

Borro is an online company providing secured loans for luxury assets such as fine art, antiques, jewellery, luxury watches and handbags. Borro was ranked 8th in KPMG’s 50 Best Fintech innovators globally in 2014.

Employee Growth


3.7

New Employees

27

43

COGNIA

Sector - Data

Founded - 2005



Funding - $4,570,000

cognia.com

Cognia develops cloud-based voice and data solutions for financial institutions, the government, and Fortune 1000 companies.

Employee Growth


2.7

New Employees

33

44

MONDO


Founded - 2015



Funding - $11,840,000

getmondo.co.uk

Mondo is building a bank for people who live their lives on their smartphones. The Mondo Bank will instantly update balance, give intelligent notifications and be easy to use.

Employee Growth


2.9

New Employees

332

45

24% 22% 20%

17% 16%


0


0


1


1


7


SKIMLINKS


Founded - 2007



Funding - $25,300,000

skimlinks.com

Skimlinks is a leading content monetisation platform that rewards publishers for any e-commerce they drive by turning product links and product references into trackable affiliate links.

Employee Growth


2.6

New Employees

72

46

SUMUP

Sector - Payments

Founded - 2011

Employees - 101+


Funding - $44,290,000

sumup.co.uk

SumUp is the leading mobile point-of-sale (mPOS) company in Europe. The SumUp card terminal allows small merchants to accept credit and debit cards, using their smartphones or tablets, in a simple, secure and cost-effective way.

Employee Growth


2.2

New Employees

77

48

CYBERTILL


Founded - 2001


Headquarters - Knowsley

Funding - Unknown

cybertill.co.uk

Cybertill is an award winning end-to-end cloud based retail system which incorporates EPoS, ecommerce and mail order applications. Cybertill helps retailers manage their business from anywhere and on any device.

Employee Growth


4.3

New Employees

24

49

DATASIFT

Sector - Data

Founded - 2010

Employees - 101+

Headquarters - Reading

Funding - $77,000,000

datasift.com

DataSift is a human data platform that enables companies to aggregate, filter, and extract insights from public social conversations, processing more than 2 billion human-generated interactions a day without compromising consumer trust.

Employee Growth


2.8


5

New Employees

76

50

LMAX EXCHANGE

Sector - Trading

Founded - 2007

Employees - 101+


Funding - Unknown

lmax.com

LMAX Exchange is a multilateral trading facility for FX & metals. LMAX Exchange creates a transparent, neutral, level playing field for all market participants.

Employee Growth


3.9

New Employees

37

46

12% 12% 10%

4% 4%


0


0


0


5


Reference shelf:

Angel ListBusiness InsiderCB InsightsCity AM CrunchbaseLinkedIn

Data source: LinkedIn.

Please note, the figures are used for guidance only. At times, actual employee counts may differ from what is published.


Date post:	27-Jan-2017
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