Tech Nation has announced the 24 companies chosen to join its Future Fifty scheme, with digital banking featured heavily in the list.
Established in 2013, the scheme recognises new businesses and supports them as they scale up their operations and create jobs.
Alumni of the scheme include Deliveroo, Skyscanner and Transferwise, so the brands chosen for being “dynamic and fast-growing” gives a good indication of the businesses due to make a lasting impact on the UK tech scene.
This year, 10 out of the 24 companies were fintech organisations including Monzo, Revolut, Currencycloud, Starling Bank, Quantexa, Nested, Aire, and Salary Finance. This follows the news that Monzo came out on top as the best bank for banking customer service according to a poll by Money Saving Expert, with Starling coming in third.
This reflects the high levels of interest the UK fintech industry is currently attracting, with investment in the sector increasing by nearly a fifth last year, attracting more investment in the first half of the year than any other country.
Tech Nation: Strong UK investment
The 2019 cohort also reveals geographic diversity, with companies from Cambridge, Bristol and Glasgow represented, reflecting a thriving tech scene outside of the capital.
It shows the UK’s strong position in terms of venture capital investment, with 1.8 times more investment in 2018 than France, and 1.6 times more than Germany.
Sectors such as the Internet of Things, digital entertainment, and software as a service were also strongly represented.
Companies selected for the 2019 Future Fifty will have access to world-leading expertise, a peer support network and contact with decision-makers in government.
The Tech Nation visa team will also make it easier for companies to attract talent from abroad, with assistance with tier one visa applications.
Anne Boden, CEO, Starling Bank, said:
“Banking is going through a period of radical change and Starling Bank has played a key role in disrupting the old order and driving better and more responsive services. We’re really looking forward to working with other entrepreneurs from our own and other sectors.”