SMALL business finance aggregator platform Funding Options is among the 20 early-stage companies selected by Tech Nation to take part in its first fintech programme.
The new initiative was announced by the Treasury in its Fintech Sector Strategy earlier this year to support the growth of the sector.
The programme is open to early-stage fintech companies, between seed and series A stage, that are based in the UK. The 20 companies selected will receive access to Tech Nation’s network of seasoned fintech entrepreneurs, experienced investors and company executives. They will also be coaching sessions in London, Manchester, Leeds and Edinburgh to cultivate relationships between regional fintech ecosystems.
The five-month programme culminates in a showcase trip to US to help companies establish a network of potential investors and partners.
Other start-ups in the first cohort include payments platform CreditLadder, which utilises Open Banking APIs to use rent payments in credit scores, and SME cash management solution Akoni.
The average age of the selected companies is three years and seven of the 20 companies are based outside London.
Read more: FCA consults on global fintech sandbox
“Our vibrant fintech sector continues to go from strength to strength, and it’s no wonder that UK fintech has received more investment so far this year than US fintech,” said City minister John Glen.
“I’m thrilled to see Tech Nation’s fintech programme launch with such a strong cohort of dynamic young companies – I have no doubt they’re destined for amazing things.”
“The UK is an acknowledged world leader in fintech but having this programme, endorsed by HM Treasury, will help the UK to further accelerate the development of the sector,” said Eileen Burbidge, chair of Tech Nation, the Treasury’s fintech envoy, chair of the fintech delivery panel and partner at Passion Capital, who was one of the judges for the programme.
“The calibre of applications for the Tech Nation fintech programme was incredibly impressive with a wide breadth of business models. The companies chosen have already demonstrated that they are winners and will certainly have many more successes to come.”
The full list of selected companies:
Airtime Rewards – Manchester
A mobile technology business in the consumer loyalty and rewards sector. Retailers use Airtime Rewards to incentivise, reward and digitally connect to 89m consumers via their smartphone.
Akoni – London
A cash management solution for SMEs.
AltFi Data – London
Collates data to provide reliable like-for-like metrics for lenders.
Coinfirm – London
Coinfirm develops a verification and compliance platform for blockchain. It provides valuable insight into entities and transactions, allowing for the institutional adoption of blockchain and digital currencies.
CoInvestor – Canterbury
CoInvestor provides technology solutions for wealth managers, independent financial advisers and fund managers to manage alternative asset investments, from EIS and VCTs through to private equity and yield products.
CreditLadder – London
Payments platform that utilises open banking APIs to revolutionise and optimise direct debit payment tracking. CreditLadder’s technology allows renters to have their rent payment tracked, giving them the opportunity to improve their credit score while they rent.
Delio – Cardiff
Delio provides white labelled technology to financial institutions to enable them to securely connect their clients with private market investments.
Enforcd – London
A real-time register of compliance that enables users to check company and employee compliance against updated regulatory standards. Enforcd covers multiple jurisdictions.
Fiskl – London
A mobile-first, automated SaaS solution for small businesses of 1 – 10 employees that allows them to manage their daily finances from anywhere (iOS, Android and web). It offers a mix of daily financial management, productivity and staff management tools as well as relevant integrations.
Float – Edinburgh
Provides cash flow forecasts to businesses using Xero, Quickbooks Online or FreeAgent. Float can give a ‘real’ picture of where a business is going in the short to medium term.
Funding Options – London
A one-stop-shop for SME finance solutions, Funding Options is a comparative marketplace giving information and access to known and alternative finance lenders.
LOQBOX Savings – Bristol
LOQBOX is a credit history tool that allows users to repair their credit history while saving. Users commit to save between £20 – £500 per month for a year. After that period the cash is converted into a new savings account with a partner bank.
Maxatta – London
Maxatta is automating trading desks, through Artificial Intelligence and robot process automation, so that traders can focus on risk management and trading opportunities.
MishiPay – London
MishiPay is an app that allows retailers to let shoppers scan, pay and leave with their goods without having to queue.
SteelEye – London
SteelEye is a regulatory compliance technology and data analytics firm that offers transaction reporting, record keeping, trade reconstruction, best execution and data insight in one comprehensive solution.
Sustainably – Edinburgh
Micro-payments platform for charity donations. Sustainably rounds up customer’s cashless transactions and donates their spare change to causes they care about automatically every time they shop.
Tail Offers – London
Tail uses open banking data to improve and inform consumer choices. As soon as a customer uses the Tail app to claim a discount, their bank informs Tail of the transaction in order to seamlessly provide instant cashback.
TAINA Technology – London
Automating regulatory compliance for financial institutions, Taina’s software removes the need for manual effort and multiple systems, leading to lower costs.
Thyngs – Norwich
Thyngs is creating software solutions to connect the physical and digital world, such as cashless donations through mobile apps, connected payments and customer loyalty solutions.
TransFICC – London
TransFICC is an e-trading technology company providing solutions for the fixed income and derivatives markets.