Two businesses from Bristol and Newbury have been invited to join Tech Nation’s Fintech growth programme.
Proptech Bunk, based in Bristol, has developed a platform which transforms the entire rental process with a SaaS tool for leasing, marketing and management. With a fully white-labeled platform, clients can digitise the entire letting process while automating management duties. With a big focus on user experience, Bunk utilises modern technology that drives huge cost savings, efficiency gains and retention.
Tom Woollard, Founder of Bunk, said: “We’re delighted to be invited onto Fintech 4.0 to support the next stage of our journey. Developing and learning alongside such revolutionary fintechs will enhance our mission to create greater trust and transparency within the rental market. The expert insights, peer to peer learning and network expansion comes at a perfect time as we accelerate towards our Series A.”
Newbury-based Ordo is an open banking-enabled payments-as-a-service platform. It offers multiple payment solutions all using open banking protocols, meaning businesses get paid quicker and at lower cost. Solutions include: bill payments via our Request-for-Payment service, ecommerce, contact centre payments, and QR code-based face-to-face payments.
Fliss Berridge, Founder of Ordo, said: ‘We are thrilled to have made it into Tech Nation’s FinTech 4.0. As Open Banking becomes more mainstream everyday, more and more situations and payment journeys are being made simpler and more secure by FinTechs offering user centred services enabled by Open Banking. From real time bill payments, and secure remote solutions for contact centre payments, to point of sale QR codes and eCommerce, people and businesses can now have control of their money and can make instant direct bank account to bank account payments thanks to Open Banking technology, and the solutions that can be delivered by FCA regulated companies like Ordo. As Tech Nation opens up a platform for us to scale even further, together with our partners, we will be able to bring these benefits to an even greater number of consumers and businesses.”
The two are part of 30 identified by Tech Nation, the leading scaleup accelerator for UK tech companies.
The news comes as VC investment in the fintech sector soars in the UK, receiving more than double ($11.4bn) the amount of funding in 2021 so far (January-October) as it received in the whole of 2020 ($4.57bn).
The year 2021 has set an all-time record for VC investment in UK fintech, at $4.9bn.
Around half the investment made into UK fintech firms in 2021 ($5bn) so far has come from US investors, showing the international appeal of some of the UK’s world leading fintech firms.
With 40 of the UK’s 112 tech unicorns being fintechs – and fintech accounting for more than half (11) of the 20 UK tech companies that became unicorns in H1 of 2021 – the sector is driving the UK as a leading unicorn hub. After the UK, the next largest unicorn hub in Europe is Germany, home to 8 fintech unicorns, second is the Netherlands with 7, and third is France with 6. In terms of leading cities, London is Europe’s top fintech unicorn hub, home to 35 fintech unicorns, while Berlin is home to 6.
In 2021, the top 2 UK fintechs to receive highest funding are Cinch (at $1.2bn) and Revolut (at $800m, Series E funding). Tech Nation’s Future Fifty alumni Revolut became the UK’s most valuable fintech company this year, surpassing Natwest with a valuation of approx £33bn. Combined, UK fintech companies are valued at $340bn, up from $210bn last year, a 61% increase in value between 2020 and 2021, being led by the likes of Revolut and Wise.
Katja Palovaara, Fintech Programme Lead at Tech Nation, said: “We are delighted to welcome these 30 inspiring fintech companies to the Fintech 4.0 cohort. As the UK’s flourishing fintech sector continues to drive more investment than ever before, our fintech companies are not just disrupting traditional financial sectors; they are working alongside them to ensure that everyone has the tools and knowledge they need to succeed financially. Many of these fintechs are not only focussed on helping people earn more and invest better, but on making the world a better and fairer place. We can’t wait to see what they do next.”