As we’re currently on the lookout for the most exciting and innovative fintechs on the UK scene to join Fintech 3.0, we thought it would be nice to take a look back at the 2.0 cohort. In the 10 and a bit months since they joined the Tech Nation Fintech 2.0 growth programme, the cohort have achieved some seriously impressive results.
Raising the bar
Watching the 2.0 cohort grow and flourish has filled us up with all sorts of joy, and raising a funding round is so often a critical achievement in a scaling company’s story. Several of the cohort have completed funding rounds since they joined Fintech 2.0, including Credit Kudos – which uses open banking to provide more accurate credit scoring – it raised £5 million in Series A funding. Smarterly, which has just rebranded as Cushon, secured $8.7m (£7 million) Series A investment to support its continued growth as it brings innovation to workplace savings.
Though the cohort learnt a lot throughout the programme, the amount they actually continued to collectively achieve and grow throughout is nothing short of inspiring. Newcastle-headquartered SaaS company Kani Payments is now working across Europe, the US, Middle East and Australia, and Liverpool-based social investment app Tickr hit 30,000 users on its one-year anniversary earlier this year. Cushon (formerly Smarterly) acquired Salvus Master Trust and increased its customer base to 700,000. TradeCore has nearly doubled the number of customers and just launched a completely new offering – the TradeCore Platform, aiming to make Fintech innovation easy, by saving time and reducing complexity.
There have been some seriously exciting partnerships formed in the past 10 months, and these can be key to taking a scaling company to the next level, allowing new consumers to access their products and services or combining expertise to offer something totally new. Welsh fintech Anna Money partnered with TrueLayer so they could let businesses use QR codes to get paid instantly, and Cushon (formerly Smarterly) partnered with the UK’s ‘most valuable fintech’ OakNorth Bank.
Ben Pollard, Cushon’s Founder & CEO said, “By partnering with OakNorth Bank, we’re able to offer our customers a range of options to suit their short- and longer-term savings plans, whilst also providing them with FSCS protection. It also opens the door for further product development and will help support the financial wellbeing of the UK workforce.”
Ben Goldin, chief technology and product officer at Mambu, said: “No single vendor can be the best at all components of a banking architecture which is why we partner with the best-of-service providers like Trade Ledger to offer customers simplicity, ease of integration and speed”
Awards aren’t everything, but they are a great sign that you’re moving in the right direction – especially for scaling companies in a competitive space like fintech. Fortunately, our second cohort has been in no short supply.
Not one, not two, but five of the Fintech 2.0 cohort were listed by Computerworld as Top Fintech Startups in the UK: Paybase, Credit Kudos, PrimaryBid, Tumelo, and Paid were all named. 9fin, which provides AI powered data for fixed income professionals, was shortlisted as ‘Fintech of the year’ by The TRADE; their analytics and insights are frequently featured in reports such as NASDAQ’s, Financial Times and Bloomberg.
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