Tech Nation has named the 31 UK-based FinTech startups it has welcomed into it latest accelerator programme.
Fintech Cohort 3.0 includes companies from across all reaches of FinTech, including RegTech, InsurTech, WealthTech, payments, lending and more.
InsurTech companies make up the highest proportion of the cohort, representing around 20%.
Interestingly, only 40% of the companies are based in London, showing FinTech is growing across the whole of the UK. Wales, Scotland, Northern Ireland and South East England each account for 10% of the cohort. The remaining 21% of the cohort are based across other parts of England.
Companies joining the accelerator are based in Sheffield, Belfast, Edinburgh, Colchester, Bracknell, Manchester, London, Cardiff, Milton Keynes, Bournemouth, Newport, Norwich, Glasgow, Guildford, and Nottingham.
On average the companies have raised £3.3m in funding and employ 18 people.
Liam Gray, Fintech Lead, Tech Nation said, “The UK FinTech ecosystem is truly world leading and its strength is clearly demonstrated by the calibre of companies on this year’s Tech Nation Fintech programme.
“Our third cohort will officially introduce InsurTechs to the programme, a sub-segment of FinTech that has matured significantly in recent years. This cohort will also be the most geographically diverse group of FinTechs we’ve ever had, with 60% located outside of London, highlighting the growing prevalence of regional fintech hubs.”
Tech Nation received 143 applications for the programme, its largest amount by 20%.
The UK has established itself as a heavyweight in the FinTech world, with a total of $17.9bn being invested since 2015. Last year hit a new record after $6.8bn was deployed across 345 transactions.
The InsurTech companies to make the list are renters insurance company Urban Jungle, cryptocurrency insurer Coincover, property risk management service Balkerne, drone insurance firm Flock, flood protection provider FloodFlash, home insurance for house shares Pikl and SO-SURE, which helps customers get money back on insurance.
There were five lending companies to join the cohort, including vehicle repair lender Auto Service Finance, SME lender marketplace CreditEnable, loan auction platform Moneyshake, business loan provider Uncapped and Portify, which offers loans to those with non-standard employment.
Seven RegTech startups also joined Fintech Cohort 3.0. These companies are compliance management platform Automated Intelligence, risk-scoring technology that identifies illegal products Vistalworks, identity verification solution for mortgages Nivo, data analytics service Datactics, identity verification company Credas and IE Hub, which helps validate data.
The three payments companies in the accelerator are QR payments service Pomelo Pay, automated payment processor Streeva and streamlined vehicle payments service Caura.
A couple of PropTech solutions are also in the cohort, including Just Move In, which reduces the stress of moving, and Proportunity, which helps first-time buyers get on the property ladder.
The other companies in TechNation’s new accelerator are natural language processing technology developer Aveni, investment infrastructure builder Wealthkernel, automated admin technology BankiFi Technology, open banking solution Yapily, pensions platform Maji, financial data analytics service BankBI, accounts payable automation software Lightyear and SquareBook, which helps companies raise capital.
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