The FinTech space is showing no sign of abating. Its unprecedented growth not only provides New and Growing Companies (NGCs) with unique lending opportunities, it enables entrepreneurs to better manage risk, their overall finances and improve the security and efficiency of their transactions.

There can be no doubting the seriousness of the FinTech market. The real benefit of these growing FinTech companies is that they are going niche in a bid to improve financial services to a plethora of businesses.

Start-ups are finding it easier to secure the finance they need to grow; meanwhile New and Growing Companies (NGCs) also have the confidence of knowing that delayed payments will soon be a thing of the past.

It’s hoped that the FinTech sector will be valued at around £300bn to the UK economy by the end of the decade, as it continues to innovate by designing financial products that serve the ever-changing needs and expectations of consumers.

The top FinTech trends and businesses shaping the scene for NGCs

Did you know? 27 of the companies listed in the FinTech50 are located in the UK. With that in mind, we’ve taken the liberty of shining a light on the leading FinTech firms to look out for and the wealth of benefits they provide – quite literally!

FinTech funding firms

  • Funding Circle
    A FinTech peer-to-peer lending platform that’s lent to more than £1.6bn to businesses, Funding Circle has also teamed up with the UK Government-owned British Business Bank to secure £40m worth of government funding to support small businesses. With flexible repayment terms of up to five years and the ability to receive the funds you require in less than a week, it’s a revolutionary system that’s surpassing the outdated banking system.
     
  • Crowdcube
    One of the largest crowdfunding investment platforms online, Crowdcube has provided investment to entrepreneurs from more than 340,000 people. For investors, it’s a very convenient way to pick and choose the business ideas to invest in and for entrepreneurs it’s a great way for early and growth stage businesses to get the capital they wouldn’t otherwise have access to in order to flourish.

Note: All Workspace customers can take advantage of free and exclusive services from Informed Funding, designed to assist New and Growing Companies with their funding strategy. Informed Funding connects businesses to finance, opening doors to a range of funding options that may have not been previously considered. We discuss the importance of choosing a finance method that’s right for your business here.

FinTech firms that help businesses save money

  • InvoiceSharing
    FinTech is helping NGCs to ditch the paperwork and operate their businesses 100% digitally. Dutch-based firm, InvoiceSharing provides a free digital invoicing solution that’s perfect for start-ups and small businesses, lowering overheads and improving overall cashflow by ensuring compatibility with accounting software and invoice scanning software.
     
  • CommuterClub
    For cost-conscious entrepreneurs and start-ups looking to keep a lid on their travel overheads, CommuterClub is the ideal solution for those travelling across the capital to meet clients by rail and Tube. For one easy monthly fee, London commuters can secure unlimited travel and even get their 12th month free. Thousands of commuters on TfL routes swear by this service which can be a great value-added offer by employers to their staff.

FinTech firms that improve your risk management

  • DueDil
    For New and Growing Companies looking to build trusted working relationships with other businesses, DueDil is an extremely useful tool to conduct the necessary due diligence to ensure that the qualified leads you get are the type that could become qualified customers. In terms of risk mitigation, there really is no better tool to measure the potential value of every single business opportunity.
     
  • BehavioSec
    Developed by a group of engineering students from Sweden, BehavioSec is one of the most sophisticated ways to improve customer security online. The software’s use of behavioural biometrics and machine learning helps to determine the legitimacy of user logins, based on not what they do, but how they do it. It’s a real value-add that improves UX and increases consumer confidence in your product(s) and/or service(s).

FinTech companies that are revolutionising the payment process

  • ZooZ
    This Israeli-designed payment solution is designed to streamline consumer transactions for apps and services, placing the power back in the hands of the merchants. With the ability to connect to a variety of payment and technology platforms in one go, ZooZ cleverly routes transactions securely through the entire payment process.
     
  • Ebury
    An innovative UK FinTech solution, Ebury enables global payments in more than 130 different currencies with flexible lending and currency exchange that saves significant amounts of money on transfers.
     
  • Traxpay
    Built in Frankfurt with true German efficiency, Traxpay enables small businesses to make real-time B2B e-payments in your own country or elsewhere. Businesses also get swift, secure access to invoices.

Managing and securing business finance is vital for a company’s growth. If you’re fascinated by FinTech, make sure you stay tuned to our regularly updated Business Finance category within our HomeWork Hub.