The inaugural list of FinTech Disrupters has been announced, highlighting the companies transforming the financial landscape. FinTech is revolutionising how consumers manage finances, from banking to insurance, significantly impacting the UK’s economy.
FinTech is levelling the playing field for small businesses, helping users manage finances more effectively, and revitalising the UK economy. The list showcases a range of companies, from established firms to start-ups disrupting the industry through innovative technology.
Aicura Solutions is among the highlighted companies, offering banks a faster, cheaper way to test ideas and bring them to market through ‘prototyping as a service’. This approach focuses on the financial services sector, demonstrating how incumbents can innovate efficiently.
Cleo, a digital financial assistant, has emerged as a game-changer. Unlike many banks’ apps, Cleo provides users guidance on spending and deals in the marketplace while automatically saving money based on what they can afford. Cleo also enables users to send money to Facebook Messenger contacts and has attracted investment from notable figures.
EdAid is tackling the issue of student debt by allowing students to crowdfund their education. Founded by Tom Woolf, a former professional athlete and Nike ambassador, this platform offers interest-free loans. Students repay these loans by giving a percentage of their early career earnings to their backers. The platform also connects students with top internships and jobs. EdAid’s Sharia-compliant version, QardHasan, is led by Ismail Jeilani and launched last year.
Landbay, benefiting from investment by Andy Murray, is leveraging the thriving property market. The company has raised £6.4m through six crowdfunding rounds and surpassed the £100m lending milestone. It optimises peer-to-peer lending opportunities, showcasing growth in the property sector.
Moneybox offers a novel investment approach by rounding up user purchases to the nearest pound and investing the spare change. Users can invest in major companies from as little as £1. With over $23m in funding, Moneybox facilitates investment of spare change from over one million transactions weekly.
The FinTech sector also includes companies aiding in investment, borrowing, financial tracking, and demystifying financial services. The final shortlist of 101 disrupters exemplifies the innovation driving the UK’s FinTech scene. According to editor Chris Maguire, ‘Our lists regularly attract millions of impressions on Twitter and I know our 101 FinTech Disrupters list will attract a similar amount of interest.’
The sector’s disruptive nature is contributing to the shift towards a cashless society, increasing the pace of innovation. The list was curated with input from industry experts and a nationwide call for suggestions, ultimately highlighting organisations fundamentally changing financial behaviours.
The FinTech 101 Disrupters list underscores the dynamic and evolving nature of the financial technology sector. These companies are not only driving innovation but also reshaping how financial services are accessed and utilised in the UK.