Fintech
5 UK FinTech startups on track to achieve unicorn status in 2024
By Gloria Methri
Today
- 10x Banking
- Clear score
- Curve
UK startups are reaching unicorn status faster than ever, with the development of the venture capital sector on the rise. Early access to substantial funding, along with mentorship and business networks, allows startups to accelerate their growth, showcase their potential, and gain massive valuations at a young age.
Despite the COVID-19 pandemic, 7 companies achieved unicorn status in the UK in 2020, followed by 25 companies in 2021, the highest number in a single year. However, the rate of new unicorns has since declined, with 11 companies achieving unicorn status in 2022 and 5 in 2023.
Could 2024 be better? Let’s take a look at 5 UK startups that are on track to becoming a unicorn.
Founded in 2014, ClearScore offers its customers free credit scores, reports and checking account spending analysis. The startup makes money from financial companies, which pay the startup to recommend them to customers who use the service. The company operates in the UK, South Africa, Canada and Australia, with more than 19 million users worldwide. It currently has a valuation of $700 million.
Curve, based in London, allows customers to consolidate multiple bank accounts into a single card managed on a single app. The company also offers a buy now, pay later service, backed by a $1 billion loan. Founded in 2015, Curve is on track to become a unicorn with a latest valuation of $781 million.
Founded in 2016, Form3 helps banks and regulated FinTechs move money faster using cloud payments architecture. It provides a technology platform for financial institutions such as banks and point-of-sale companies to process payments and transactions. It offers a fully managed payment technology platform for financial institutions as a service. The company’s latest valuation is between $640 million and $960 million.
Tide is a digital bank for freelancers, small businesses and growing startups. It is the UK’s leading SME account provider and one of the fastest growing FinTechs in the country. Tide business accounts have no monthly fees and are protected by the FCSA, as the accounts are provided by ClearBank, which offers a fully regulated banking infrastructure. Tide has more than 590,000 members in the UK and more than 225,000 in India, with a total valuation of $650 million.
10x Banking is a software development company that provides a cloud-native core banking platform for financial institutions. Founded in 2006 by former Barclays CEO Antony Jenkins, 10x Banking offers an operating system for banks to speed up operations and upgrade legacy technology. In July 2021, it raised $187 million from investors, including BlackRock and Nationwide, bringing its total funding to around $252 million. The company’s latest valuation stands at $700 million.
Read also: Global Digital Banking Landscape and Vendor Report, Q1 2024