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The Rise of UK FinTechs

Over the last several years, FinTech continues to rise rapidly, with a lot of UK cities remaining at the top of the leaderboard.


In this blog we're going to be discussing why this is and the successful FinTechs contributing towards the fast moving sector.


Over the last 5 years, the rise of FinTech has had a profound impact on the UK banking sector - so much so, that traditional banks have increasingly seen their core revenue streams under attack.


Privately held start-up companies valued at over $1 billion (also known as FinTech unicorns) are spearheading innovation, successfully digitalising payments, P2P finance and funding transfer processes. As a direct result of this, incumbents in the banking sector are having to directly compete with this new wave of innovation, with companies like Starling, Monzo Revolut and Curve leading the way.


In 2018 alone, there was a 61% increase in job creation within the London FinTech market. Due to this, FinTech salaries have also had an 8% increase, whilst also having a 37% increase in IT roles within this market, which is great to hear!


We've had a look into some of the top FinTech companies that boost the UK up in the global market and here is what we've found.



Starling Bank


Starling Bank is one of the biggest FinTech companies in the UK and after discussing Founder and CEO, Anne Boden in our last blog post about Women in Tech - we feel as though she's a great example and contributor to the rise in FinTechs within the UK.



This inspiring start up founded back in 2014, creates a different approach to 'old-fashioned' banking. Starling Bank is one of the top FinTech companies that provide everything their customers want - from freezing your card, disabling or restricting payments, settling up, categorising spending behaviours, providing international money transfers and many more!


Anne Boden recognised how technology could transform the way people manage their money and saw the potential for how it could serve customers in a way that high-street banks couldn't.


"In January 2014, I decided we had to start from scratch on new technology - I had come to the conclusion that there were so many technologies now available that could be used, and it was possible to build a bank with a very different culture." Anne Boden, CEO & Founder.


The challenger bank has now opened over two million accounts, including more than 300,000 small business accounts. The FinTech unicorn's total gross lending now officially exceeds £2 billion, whilst deposits top £5.4 billion.


Monzo


Monzo is also another FinTech company that are based in London that has helped with the rise of the sector. Founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman - this FinTech start up operates a digital only bank that offers unique solutions and features to fulfil their clients needs.



Operating a digital-only bank that offers a unique solutions and features to fulfil their clients needs. Their mission was to build the best bank account in the world and have made their way to one of the most popular online banks - with more than 4.5 million active users since it was founded back in 2015.


Monzo makes a difference within this sector by focusing on the customers challenges rather than simply just trying to sell their products.


"With Monzo, we aim to make money work for everyone by working with our community of users to build things that work for them." - Tom Blomfield, CEO.


The company has created a loyal following not only through word of mouth but also through many different community events as well as crowdfunding efforts.


Revolut


Another FinTech to look at is Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. After starting in July 2015, they now have more than 15 million active users worldwide and continue to grow rapidly.



This FinTech company has continued their rapid growth since the start, every month around 600,000 people open a Revolut account to spend and manage their money, which is highly impressive.


The company offers many different digital banking services - including pre paid debit cards, a currency exchange service, cryptocurrency exchange and also peer-to-peer payments. Everything is controlled through their Revolut App, which is available for iOS and Android customers - it even supports spending and cash machine withdrawals in 120 different currencies, whilst also allowing their customers to send directly from the app in 29 different currencies.


"Starting anything new is extremely hard. It's breaking the walls all the time so you really need to have character to break the walls and you need to have brains to more sufficiently break the walls." - Nikolay Storonsky, Founder at Revolut.


Curve


Founded in 2015 by Shachar Bialick, Curve is amongst the most popular upstarts in Europe that have gained a huge following, especially in the UK - and mostly with their younger consumers - within the last few years due to their online-only banking services.



Rather than following the structure of traditional banks, Curve tries to stay clear of that approach by acting as the meeting point for all of your accounts, allowing you to keep track of your money wherever it is.


"One place to spend, send, see and save money."


By connecting all of your accounts, Curve defines itself by working as a virtual book keeper as well as by it's mobile nature - doing this, it saves you as the consumer, time on looking through numerous receipts and statements as your spending is all kept on record to view anytime.


Not only this, Curve is a completely unique FinTech that allows their customer's to combine their debit and credit cards all into one platform so they can use a linked "smart" card for payments.


"Despite the challenges Covid created for many businesses, we've seen great growth and are delivering on many of our targets." CEO and founder, Shachar Bialick.



At Talented Recruitment Group, we love to see these sectors develop and progress with more companies working with the ever changing technology and market.


The companies we've discussed today are only few of the many that are setting great examples of how you can achieve this when you put your mind to it. FinTech is the fastest growing sector of our economy, the latest figures show that - despite bumps in the road, the UK should be proud of the sector's performance and we look forward to seeing more of these figures in the future.


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