Three UK financial technology firms have snagged top spots on the annual FinTech 50 list, which was the first list in the world to recognise fintech innovation in Europe.
The list is compiled by a panel of experts from major financial players including Standard Chartered, UBS, Mastercard and venture capital firm Accel.
Monzo, Revolut and Onfido were chosen to make the list from over 2,000 fintechs from across Europe, In total, five British companies made it onto the list’s top ten, including London-based OakNorth and Monese.
Julie Lake, the founding director of the FinTech 50 list, said: “This year’s 50 are meeting the demands of wider social, environmental and economic trends – the subscription economy, sustainable investing, financial wellbeing – as well as continuing to transform traditional financial services for the benefit of their customers.”
Other British companies featured on the list include currency transfer startup Azimo, regulatory tech company ComplyAdvantage, insurance business Cuvva and challenger bank Starling also featured on the list.
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Onfido, which ranked first on the list, has developed identity verification algorithms that are capable of verifying a person’s identity using photographs and documents.
Its software is used by companies including Revolut and Couchsurfing and it has raised more than £80 million from investors including SoftBank.
Taking second and third place respectively, Monzo and Revolut are developing branchless bank services which allow customers to access their savings and other financial services from their apps. Both have enjoyed rapid growth, and Revolut now has more than seven million customers.
Monzo has recently launched its service in America and this month reached the three million customer mark.
According to a report from Accenture, digital-only banks like Monzo and Revolut are on track to treble the size of their customer base within 12 months to more than 35 million people.
DIGIT’s Scottish Financial Technology Awards is due to take place in Edinburgh on the 25th of September 2019. For full details, visit www.scottishftawards.com