Edinburgh-based fintech LendingCrowd has been selected from more than 100 applicants to join Tech Nation’s Upscale programme, which is now entering its fourth year.
The fintech has also been named one of the top fast-growth companies to watch by Tech Nation. LendingCrowd is one of 30 high-growth start-ups to make the final cut and is the only Scottish company to be selected.
Launched in 2014, LendingCrowd now employs a staff of 25 and has completed more than 570 loans with its total lending exceeding £50 million. Over the next six months, LendingCrowd’s executive team will receive coaching from some of the UK’s most successful entrepreneurs and company founders. Scale coaches on past programmes have included Lesley Eccles, founder of Scottish technology business FanDuel; Brent Hoberman, co-founder of Lastminute.com; and successful investor and Lovefilm founder Saul Klein.
Overcoming Support Growth Challenges
This year’s cohort has been drawn from all sectors, with a fifth of companies in the fintech sector and another fifth in the e-commerce and marketplace sectors. Half of the companies are business to business startups, while a fifth are business to consumer companies and 30% a hybrid of business to business and business to consumer.
The programme, which kicked off last night, is specifically designed to aid fast-growth tech companies successfully navigate potential barriers so that they can reach the next level of their growth. Frequently, at this stage of their growth, such companies face issues such as hiring and retaining talent, maintaining culture while scaling and expanding into new markets.
Margot James, Minister for Creative and Digital industries, said: “The UK is Europe’s undisputed tech hub and much of our success is down to the ambition of fast-growth companies like these.
“I congratulate all the companies joining Upscale today and the significant potential and innovation they have shown. We are determined to make the UK the best place to start and grow a business, and through our Digital and Industrial Strategies we want to see the power of technology change people’s lives for the better.”
Stuart Lunn, founder and CEO at LendingCrowd, said: “Being selected as the only Scottish company to join the latest Upscale programme is further validation of our work in building a sustainable business capable of being scaled in a high-growth sector.
“We founded LendingCrowd to help bridge the funding gap facing so many small businesses, and the experience gained through Upscale and working with Tech Nation will be invaluable as we take the platform to the next level.”