Fintech/Analysis/

These are the fintechs backed by the UK Future Fund

The UK government's investment scheme now counts at least a dozen finance-focused startups in its portfolio

By Isabel Woodford

Credit: Credit: Roman Fox, Unsplash

The Future Fund — a scheme set up by the UK government to financially support startups amid coronavirus — has been busy processing hundreds of applications.

By June, it had approved 252 convertible loans, translating into £236.2m in funding. Yet it’s difficult to know who the beneficiaries are because the institution in charge of approving applications, the British Business Bank, has opted not to disclose the names.

As such, Sifted has quizzed countless companies and investors (including crowdfunding site Seedrs) directly to find out which ones have taken advantage of the scheme so far, before it closes at the end of September.

We found that among those joining the scheme are several fintechs; a category of startups which have had mixed results in lockdown but has generally seen a decline in funding. Indeed, 70% of UK fintechs haven’t received fresh capital since the crisis began, according to a recent report by Innovate Finance.

The following fintech companies have all received between £125,000 and £5m from the Future Fund, and will soon count the UK government among their investors.

  • Iwoca
    (SME lending)

  • Plum
    (Savings/investment app)

  • Fronted
    (Rental credit)

  • Habito
    (Digital mortgage broker)

  • Nude
    (Savings app for home-buyers)

  • Kroo
    (Money split app)

  • Lintel
    (Student digital banking app)

  • Tymit
    (Challenger credit card)

  • Yordex
    (Spend management software)

  • Knoma
    (Credit tool     for education)

  • TuningBill
    (Banking for cross-border businesses)

  • Assetz Capital
    (Peer-to-peer lender)

  • CapitalRise
    (Property investing platform)

  • Oval Money
    (Savings/ investment app)

***

Did we miss anyone? Let us know at [email protected] and we’ll update the list

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Paui
Paui

What on earth is a challenger credit card?

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1 year ago
Paul Mears
Paul Mears

It woudl be useful to have a lits containing any recipient , I am sure that there woudl be interst in that and not just fintechs. Be good for Sifted to lead the fight for transparancy that the GOvt despite its PR has no interest in and its also I think useful to know the underlying investors pre FF of each recipient and to be able to see how much is truely private vs VC money with British Patient Capital or Nuclear Liabilities Fund etc as a major LP so they may be matching thier own money

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1 year ago
shrock
shrock

what an uninspiring list of me-toos.

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1 year ago