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Peer2Peer Finance News | February 23, 2019

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LendingCrowd named among tech start-ups to watch

LendingCrowd named among tech start-ups to watch
Kathryn Gaw

LENDINGCROWD has been named on a list of 30 fast-growing tech start-ups to watch, compiled by UK-based digital entrepreneur network Tech Nation.

The Edinburgh-based peer-to-peer lender is among the companies which have been recognised for their “early stage talent” and the expectation that they will “successfully grow into the next generation of digital household names.”

Other fintechs to make the list include business finance aggregator Funding Options, cashflow manager Fluidly, money manager Cleo, AI invoice predictor Previse, and accounting hub The Accountancy Cloud.

These companies will now gain access to Tech Nation’s Upscale programme, where they will receive six months of coaching from some of the UK’s most successful entrepreneurs.

Read more: LendingCrowd passes loan landmark on anniversary

“Being selected as the only Scottish company to join the latest Upscale programme is further validation of our work in building a sustainable business capable of being scaled in a high-growth sector,” said Stuart Lunn, founder and chief executive at LendingCrowd.

“We founded LendingCrowd to help bridge the funding gap facing so many small businesses, and the experience gained through Upscale and working with Tech Nation will be invaluable as we take the platform to the next level.”

Read more: ING Ventures buys £5m stake in Funding Options

This year a third of the companies making up the cohort are based outside London – up from a quarter last year. These start-ups have on average 40 employees and annual revenues of £1.5m.

“Funding Options has grown exponentially over the last few years, in our mission to help small businesses to walk tall,” said Conrad Ford, co-founder and chief executive of Funding Options.

“Somewhere along the way we became a scale-up! Having recently raised £5m in investment, Upscale will help us to take stock of our global ambitions, and to learn from those who have been there and done it.”

The 2019 Upscale programme held its launch event on Thursday night at the Farncombe Estate in the Cotswolds. The programme aims to help fast-growth tech companies successfully navigate the challenges of growing to the next stage. This includes issues such as hiring and retaining staff, maintaining culture while scaling up, and expanding into new markets.

“The UK is Europe’s undisputed tech hub and much of our success is down to the ambition of fast-growth companies like these,” said Margot James, minister for creative and digital industries.

“I congratulate all the companies joining Upscale today and the significant potential and innovation they have shown. We are determined to make the UK the best place to start and grow a business, and through our digital and industrial strategies we want to see the power of technology change people’s lives for the better.”

Read more: Five ways fintech has beaten the banks