We have broken down the fintechs that have entered, into funding stage, how much funding they have received since founding and the number of employees
While all information is confidential, we are able to share some anonymised data to show the strength of the UK fintech sector and just how competitive the landscape is.
We have broken down the fintechs that have entered, into funding stage, how much funding they have received since founding and the number of employees.
Most of the entries came from organisations that are either in the seed or series A funding level. It’s exciting to see so many up-and-coming fintechs wanting to be part of our awards. And it bodes well for the future of UK fintech.
The vast majority of organisations to enter the UK FinTech Awards 2023 have also received less than $10m in funding since founding, highlighting their high potential for further growth.
However, a healthy number of entries came from organisations that have received more than $50m in funding, so there are some well-established and big companies competing against these startups.
It will be interesting to see how these newer fintechs fare against some of their more established competitors.
Most of the fintechs have fewer than 250 employees, with an even split of those with 1-50 and those with 51-250, and only a handful of fintechs with over 250 employees, including a small percentage with more than 1,000.
All of this data suggests that most of the entrants are early stage fintechs and that the UK fintech community—as of our entry deadline of 03 February at least—is highly competitive, but not to the point of saturation.
We can look forward to tracking their progress into the future, to see how many are still having a big impact in the years to come.
Winning one of our awards is a good benchmark for a bright future. It could signify a breakout moment for a fintech, or suggest they are ripe for further investment and growth.
But, out of the many entries that we have had, there can only be 22 winners.
If you missed out on the UK FinTech Awards, don’t worry, the Europe FinTech Awards 2023 is open to submissions.