Tech Nation has unveiled the 31 technology companies selected to join its Fintech Cohort 3.0 growth programme after receiving a record number of applications.
Since opening the programme for applications in July, Tech Nation received 143 applications, up by almost 20 per cent from last year.
The 31 companies operate in insurance, regtech, open banking and digital ID.
This year’s cohort features 20 per cent of insurtech firms in the first year they qualified for the programme.
The majority, 60 per cent of companies joining the programme, are from outside of London.
Some of the firms taking part in the Fintech Cohort 3.0 include: regtech business Nivo, proptech firm Proportunity, wealth business Aveni and payment company Caura.
“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,” said Liam Gray, fintech lead at Tech Nation.
“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 per cent located outside of London, highlighting the growing prevalence of regional fintech hubs.”
Many well-respected figures in the fintech sector are operating as judges, mentors and advisors for the Fintech Cohort 3.0, including Tim Levene, chief executive of Zopa backer Augmentum VC.
“Despite the backdrop of Covid-19, the innovation in fintech continues apace and it has been particularly pleasing to see the strength in depth not just by areas of focus but by geography too,” he said.
“Although London remains the centre of gravity for UK fintech, clusters of fintech excellence are being developed across all corners of the country.”
Last month, Tech Nation opened applications for its Rising Stars 3.0, Upscale 6.0 and Future Fifty 9.0 programmes which support promising technology companies.
It follows research from Tech Nation earlier in the year that found the UK continues to lead Europe for fintech VC investment.
This year, $2.5bn (£1.64bn) has been invested in UK fintech companies so far, with investment levels peaking in July 2020 ($1bn).