FinTech challengers Starling, Monzo and Revolut have led the list of tech firms joining the government’s Future 50 startup programme.
The mobile-only banks are among 24 new entrants for this year’s programme, which backs 50 of the UK’s fastest-growing late-stage tech startups in their efforts to scale-up by enabling contact with senior government decision-makers and a peer-to-peer network.
Ten out of 24 of the new entrants to the Future50 operate in the FinTech sector, with digital banking services, payments platforms and software firms all making the grade for this year’s cohort.
Other FinTechs to join the Future 50 include credit firm Aire, digital currency software provider Blockchain and payments firm Currencycloud.
FinTech firms now account for 26 per cent of the Future50, with companies like digital lender OakNorth, payments service firm Checkout, and mortgage platform LendInvest amongst the more established players to have joined the programme in recent years.
Other tech sectors represented in the Future 50 entrants for this year include hardware and Internet of Things (four per cent), cyber security (12 per cent), software-as-a-service (six per cent), digital media (four per cent), marketing (six per cent), data analytics (12 per cent), e-commerce (12 per cent), and healthcare (two per cent).
On average, the 24 new entrants had an average revenue of £9 million last year, with a total revenue for the cohort of £397 million. Overall, the 24 raised £1.4 billion in funding, driving a growth rate of 187 per cent.
The Future50 programme was launched by government project Tech Nation in 2013 to provide a support network for the UK’s most promising tech startups. Major players to have emerged from the scheme include Skyscanner, Shazam, Deliveroo and Just Eat.
Jeremy Wright, secretary of state for digital, culture, media and sport, said: “The list highlights the underlying strength of our digital economy and emphasises its huge potential – we are doing all we can to make sure this vital industry continues to grow and our young businesses are given the right support to thrive.”
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