329 Fintech Startups in London to look out for

Is there a prettier sight? Made using Loom.

Having now spent more time working in Germany than the UK, I’m constantly asked why I like Berlin and why I’m not in Canary Wharf. The reasons could fill another whole article, so I’ll get into the action: no matter how awesome Berlin is, there is no place in Europe that is doing fintech like London. In spite of all the “thought leadership” from perhaps excessively-celebrated “Fintech Influencers”, and the many McKinsey and Goldman Sachs reports you didn’t read, we still don’t have particularly good access to the key numbers and names we should look out for. There are few things I like more than numbers and Google Sheets, so I’ve taken the liberty to curate a list of over 300 companies you should know about.

To access the public Google Sheet, click here!

It currently just consists of names, websites and a categorisation of every one of the 329 companies. I’m in the process of finalising some further analysis before making that sheet public, but I am going to post my key findings from the data in this article as a teaser. After having shown the list to a couple of friends during the last week, I realised it could be beneficial to more than just my ex-comrades who didn’t quit investment banking yet… I believe anyone who falls into one of the following categories should take a look and could probably gain something:

  • Students looking for internships in fintech who don’t know where to begin — I’ve found 300+ potential employers for you.
  • People in traditional finance looking for a job in fintech — I’ve found 300+ companies that would look at your CV.
  • VCs looking to source London-based fintech companies they may not know — I’ve found multiple dozen companies you need to speak to if you care about fintech.
  • Finance professionals looking to see how technology is being used in financial services — I’ve found companies you need to know about, partner with, or learn from.
  • Anyone completing research that requires a comprehensive overview of the London fintech scene — I’ve done 50% of the work for you.
  • B2B startups within the fintech space looking for other companies they can offer their services to — I’ve found 300+ potential leads for you.
  • Founders looking to do market research/competitor analysis — I’ve found every company you need to know about before taking on the legacy players yourself.

Some key findings

  • 75% of the 300+ companies have been founded since 2013.
  • Of the 329 startups in the list, 187 (57%) have raised investment during their lifetime.
  • More than 50% of the startups highlighted fall into the top 5 of 19 categories: Payments/FX (16.4%), Investing/crowdfunding (12.5%), Lending (10.3%), Financial data (7.6%), Personal finance (7%). Check the diagram below for all the categories:
Will you guys take accounting or shall I?
  • Lending comes 1st place both by total amount of money raised and average money raised per startup. The 21 lending startups I looked at have raised a total of $1.57B which works out as $75M on average per company! See here:
  • While the 15 insurtech startups raised a comparatively small amount of money (~$7.5M each on average), insurtech as a category came 1st place with regards to investment rate; 88% of insurtech companies in the dataset have received investment:
  • The same can’t be said for the trading platforms: only 26% of them received funding, but the 5 that did have raised $263M in total, the 3rd highest total of any category.
  • Looking at the last 5 years, the best year to get funding based on the numbers was 2015, where 75% of my picks raised money. The worst was 2017 (48%).

As you can see from the stats, there’s a really great variety of business models and company sizes. Whether you’re looking for a job, looking to invest/make sales, or simply interested in fintech, there’s definitely going to be something in there which catches your eye!

I hope this can be of help to some people, and if you have any questions or would like access to the full dataset and sheet, feel free to drop me a message via jack@riz.vi or LinkedIn.