Four FinTech Alliance companies have been selected to join the latest accelerator programme for FinTechs by Tech Nation.
Tech Nation runs regular programmes to enable companies to scale in various areas including FinTech. The cohorts are given access to insights and advice from world-leading FinTech entrepreneurs, networking opportunities with executives, investors, government and regulators, and opportunities to exchange ideas with peers.
Fintech Programme Lead at Tech Nation, Katja Palovaara, explained:
“We are thrilled to welcome 30 exceptional companies joining our leading growth programme for FinTech companies in the UK. Since 2018, this programme has supported over 75 companies on their scaling journeys and we are excited to continue to do as the UK FinTech investment reaches record highs. These companies will be joining the 900+ companies on Tech Nation’s network of the UK’s most successful scaling companies including Monzo, Hopin, Thought Machine, Bulb and Starling.
“The cohort this year is our biggest one ever, aligned with the spectacular growth in the sector. Combined, these companies have raised more than £128 million and employ over 700 people UK-wide, from Belfast to Brighton. The 30-companies in the Seed to Series A stage operate in sectors such as payments, capital markets and InsurTech - offering services and solving challenges that affect millions of people worldwide. Throughout this programme, companies are looking forward to expanding their networks, learning from established founders in the Tech Nation alumni and most importantly, sharing with each other how to scale fast and sustainably. We are beyond excited to work with these companies in the next six months!”
The four FinTech Alliance companies chosen to take part are Wombat, Nu-credits, DirectID and Weavr.
Let’s meet them…
Wombat is a retail investing platform that enables users to invest in funds aligned with their values and interests, such as sustainability or female leaders.
“It's exciting to be recognised alongside these amazing companies as we continue to grow and further our mission to make investing accessible for everyone,” said Founder and CEO Kane Harrison.
Nu-credits aims to offer “business finance without borders” and help with invoice payments across the globe.
“I would say a really big thank you to the FinTech Alliance Team and the platform that helps us get publicity and connect us to the VCs and angels in the UK,” said Co-Founder and CEO Kenneth Ma.
“As a minority founder in the UK, everything was tough at the beginning and we actually first got selected by the FinTech Alliance’s event which was co-organised by the DIT, and that endorsement has opened the doors for us to get into other programmes and events such as the Fintech 4.0 and Invest in Trade (UKBAA & Institute of Exports). We really appreciate the opportunity that was offered to us.”
DirectID is a Scotland-based FinTech that uses open banking to offer credit risk insights leveraging real-time bank data.
“When you consider our customer base, ranging from tier 1 banks to FTSE100 organisations, it’s clear that the DirectID credit risk platform is entering a huge period of growth. With 13,000+ connections in over 45 countries, and the ability to connect businesses to 1.5bn people, we’re ready to scale globally.
“Being one of 30 inducted into Tech Nation's Fintech 4.0 programme provides us with the tools to do so and we’re looking to follow in the steps of companies like Deliveroo and Monzo who were previous members. It’s a hugely exciting time for us and we’re thrilled to be part of Tech Nation’s exclusive network of high-growth UK FinTech companies,” said James Varga, CEO and Founder of DirectID.
Weavr is a Banking-as-a-Service business that enables companies to embed banking and payments into their products through mobile apps, SaaS platforms or back-office operations.
Alex Mifsud, CEO and Co-Founder of Weavr, said in a release: “We are thrilled to be part of the Fintech 4.0 cohort and will be taking full advantage of the platform that the Tech Nation programme offers us to broadcast the benefits of embedded finance to the digital ecosystem.
“Embedded finance is now an engine of digital transformation and this programme will help us connect to and empower digital innovators across the UK and beyond.”
It’s clear Tech Nation has chosen a broad selection of scaleups based around the UK, all solving a range of unique problems – so it will be interesting to see how they grow as a result of the programme.
