back Back

Innovate Finance reports 2021 as a record-breaking year for UK FinTech

By Joy Dumasia

July 13, 2021

  • Innovate
  • UK
Share

Innovate Finance, the industry body representing UK FinTech, today publishes details of the record-breaking investment secured across the UK FinTech sector during the first six months of 2021. The UK FinTech sector raised $5.7bn in H1 2021, outstripping the total investment secured in 2020 ($4.3bn) by 34% and breaking the record year set in 2019 ($4.6bn) by 26%.

SaltPay and Checkout.com attracted the two largest deals made this year and are amongst the largest fundraises in the UK FinTech sector so far, with $500 million and $450 million, respectively. Payment technology firms including SaltPay, Checkout.com, Rapyd ($300m), PPRO Financial ($180m), DNA Payments ($140m) and PaySend ($125m) dominated the charts with the most significant investments. Challenger bank Starling Bank ($376m), crypto trading platform Blockchain.com ($300m), pension and payroll providers Smart Pension ($230m) and PayFit ($107m) and credit-scoring specialist ClearScore ($200m) also secured significant investments to support their growth. 

According to Innovate Finance today, the UK is second only to the US (940 deals and $26.7bn) in terms of funds raised and well ahead of the levels secured by Brazil (40 deals and $3bn), Germany (56 deals and $2.5bn) and India (132 deals and $2.2bn) during the same period. The solid H1 investment figures come off the back of the Kalifa Review from the first half of the year, which set out recommendations for the sector’s future growth and provided a roadmap to ensure long-term, sustained investment. The start of the year has also seen an increasing number of UK FinTechs announce Initial Public Offerings (IPOs) and unveil plans to list their business on public markets.  

Janine Hirt, CEO of Innovate Finance, commented: “This analysis clearly demonstrates that the appetite among international investors to fund high-growth, innovative firms has never been greater, and is a testament to the UK’s position as a world leader in FinTech. FinTech is one of the fastest-growing sectors of our economy and has a vital role to play in the UK’s economic and business recovery. To have secured record funding – in just six months – speaks to an enduring confidence in UK innovation, as well as our ability to build and scale world-class businesses.”

Previous Article

July 13, 2021

Verrency & Visa to offer personalised services to card issuers across APAC

Read More
Next Article

July 13, 2021

Fondsdepot Bank partners FinTech Moonfare for expansion across Europe

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Innovate

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

Doha Bank & Mastercard partner to boost digital payments in Qatar

Read More

June 14, 2024

Paytiko brings its payment management solutions to Dubai, UAE

Read More

June 13, 2024

Flexys partners with Acquired.com for debt collection

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023