4 FinTech companies disrupting the UK Payment ecosystem

By Joy Dumasia

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings and disrupt traditional banking, payment, and lending services.

The following are 4 FinTech companies disrupting the UK Payment ecosystem:

• Checkout.com

Headquartered in London, Checkout.com offers enterprise businesses global payment processing capabilities and direct access to domestic acquiring across payment methods and geographies. It processes around 150 currencies and provides access to all international cards and popular local payment methods to merchants through its integrated platform.

IBS Intelligence reported that Checkout.com, the leading cloud-based payments solutions provider, announced the acquisition of Estonian software development firm, Icefire. The acquisition of Icefire and its 110 technology engineers will join its global technology teams to accelerate the delivery of critical products and features.

• GoCardless

GoCardless has developed a platform that allows companies to make and receive recurring payments through direct debit. Businesses can make payments directly into customers’ bank accounts in over 30 countries worldwide.

Recently, IBS Intelligence reported that GoCardless, a leading FinTech in direct bank payment solutions, announced that it had secured a Series G funding round of USD 312 million, making it the latest European and UK tech unicorn at a valuation of USD 2.1 billion. 

The investment is led by Permira, which brings significant experience in backing best-in-class payments and financial software businesses, including Klarna, Clearwater Analytics and Carta. New investor BlackRock Private Equity Partners also joined the round. The funding will allow GoCardless to accelerate its growing footprint in the open banking space through product and geographical expansion. It targets becoming the world’s leading network for direct bank payments. 

• SumUp

London-based SumUp has developed a payment processing system that allows sellers to process payments using smart devices. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader.

Recently, IBS Intelligence reported that FIS has announced that global FinTech SumUp will use Worldpay’s merchant solutions portfolio as the Europe-based FinTech leader continues its international expansion. 

London-based SumUp supports over 3.5 million merchants in over 30 markets. The FinTech offers tailor-made digital business solutions to small businesses and entrepreneurs, allowing them to run their business and pay quickly and securely with a range of card readers and multiple remote payment solutions such as invoices, gift cards and payment links. 

• Paymentsense

London headquartered Paymentsense offers face-to-face and virtual payment solutions to around 70,000 small businesses in the UK and Ireland. Its software also allows users to create and analyse sales reports to help businesses generate their performance overviews and insights.

The company launched BiteBack, a new online toolkit that enables businesses to process takeaway orders quickly. The solution hosts restaurants’ menus digitally, allowing consumers to order their meal online, collect it and pay at pickup. Paymentsense offers several virtual payment methods through its online payment gateway, which acts as an online version of a physical payment machine.

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