Top 3 FinTech Scaleups of the UK and Europe in 2021

By Joy Dumasia

FinTech is used to describe new tech that seeks to improve and automate the delivery and use of financial services. ​​​At its core, FinTech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.

FinTech also includes the development and use of cryptocurrencies such as bitcoin. While that segment of FinTech may see the most headlines, Cryptocurrency exchanges have connected users buying or selling cryptocurrencies. Blockchain solutions have aimed to reduce fraud by keeping provenance data on the blockchain.

A scaleup is a startup that has grown, that has changed scale. To move to this next stage, the startup must have succeeded in stabilizing its business model and industrializing its offer. It has therefore proven its viability; a scaleup is nothing other than a successful startup. Since it will not remain a startup indefinitely, a young company’s prospects are limited.

The UK FinTech sector is booming; FinTech startups and scaleups are on the rise in 2021. New and exciting startups are emerging around the UK and particularly in London’s bustling FinTech hub. These FinTech startups and scaleups provide more efficient and streamlined services and pose a real threat to traditional banking, payment, and lending services.

The following are the Top 3 FinTech Scaleups of the UK and Europe in 2021:

• Revolut 

The FinTech company is offering a range of digital banking services. They targeted their audience as tech-savvy mobile app users, including transferring money abroad in 29 different currencies with prepaid debit cards that enable cash machine withdrawals in 120 countries. Since its launch in 2015, Revolut has facilitated over 350 million transactions worth over £40b, serving over 9 million customers.

Users can also exchange money in 30 currencies—standard account users are capped to exchange £5,000 per month, whilst paid users and unrestricted—with no hidden fees. Premium and Metal account holders can instantly exchange any 30 currencies directly into five cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP.

IBS Intelligence recently reported that FinTech Revolut, the super financial app, has announced simplifying cross-border payments between the US and Mexico with the launch of its US-Mexico remittance corridor.

• Atom

Atom was founded in 2014 as the UK’s first app-based Bank. Atom has grown to over 400 people, based in the North of England, focused on building the bank customers would want Atom to be. Atom operates a digital-only banking service, with all its services provided through its app. Atom has opted to divert from providing current accounts, instead offering savings accounts, mortgages and business loans to its customers.

Atom’s savings accounts, mortgages and business loans are all available through its app. Its fixed savings accounts range from three months to five years, with either monthly or annual interest. These accounts offer competitive interest rates, with the money saved from forgoing physical branches that provide these attractive rates.

Recently, IBS Intelligence reported that Atom Bank, the UK’s first app-based Bank, achieved two significant milestones this week when it exceeded £3bn of residential mortgage completions and, on the same day, hit £1bn in deposits into its Instant Saver accounts.

• Nutmeg 

Nutmeg is a digital investment and wealth management firm. Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. Nutmeg’s customers can easily monitor and update their investment preferences using Nutmeg’s online platform, which smartphone apps can also access.

Investors can also choose whether all their capital is invested immediately or gradually. Finally, Nutmeg’s wealth management experts build a suitable portfolio based on the investment goals and desired investment style.

IBS Intelligence recently reported that UK digital bank Starling has announced that digital wealth manager Nutmeg has joined its Marketplace. The new addition is expected to help the Bank’s personal and sole trader customers connect their banking to their investment accounts and pensions. The new integration will give Starling’s growing customer base the ability to keep track of their pension and investment balances all within its app. 

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