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 24 August 2020 Credit: Roman Fox, Unsplash Credit: Roman Fox, Unsplash \Fintech Restaurant payments app Sunday pulls out of four markets By Amy O'Brien 6 July 2022 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 24 August 2020 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 Related Articles UK government pledges £1bn to support startups By Michael Stothard Click here to read more Fintech in coronatimes: Why some sub-sectors are especially vulnerable in a downturn By Isabel Woodford Click here to read more The debate still raging around the UK’s Future Fund By Amy Lewin Click here to read more Most Read 1 \Startup Life Europe needs to catch up on pivot culture 2 Member \Deeptech 14 deeptech startups to watch in Spain and Portugal, according to investors 3 \Sustainability New €100m evergreen climate tech fund AENU launches 4 \Fintech What would a recession mean for revenue-based financing startups? 5 \Startup Life Gorillas-owned rider platform Street Fleet lays off 100+ riders and is set to shut down 3 Join the conversation Subscribe newest oldest Notify of new follow-up comments new replies to my comments PauiWhat on earth is a challenger credit card? Paul MearsIt 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 shrockwhat an uninspiring list of me-toos.
Fintech in coronatimes: Why some sub-sectors are especially vulnerable in a downturn By Isabel Woodford Click here to read more