With the UK becoming an important global hub for FinTech innovation and venture capital, London is the country’s dynamic heartland for financial technologies. Strong economic growth in the capital, an abundance of financing and a large traditional finance sector have helped drive a number of exciting new start-ups. Here are five growing and innovative FinTech start-ups that are likely to be attracting considerable corporate finance in the near future and contracting the services of business transfer agents.
1. Elliptic: Securing digital currencies
The lack of security surrounding digital currencies has been highlighted by the large number of mishaps in the Bitcoin sector over the past year. Elliptic hopes to resolve some of these problems by honing the potential of Bitcoin through the world’s first insured storage service. The firm has already launched the Elliptic Vault, a deep cold storage service that is privately encrypted and stores Bitcoins offline. The start-up hopes to launch several security-focused products that could gradually shift the weak safety image of digital currencies.
2. iwoca: The online sellsumer financier
Short for “instant working capital”, iwoca offers financing to online retailers that vary in size from small to medium-sized. Increasingly, the start-up, which launched in 2012, is focusing on small business owners operating on online marketplaces such as eBay and Amazon, aiming to deliver a one-stop-shop support service ranging from funding, inventory and technology to recruitment in this niche segment. With the UK online market for independent traders averaging around £10 billion in annual revenues, the founders behind the firm (investment bankers from the City) see unlimited potential in serving global demand in this space.
3. Coinfloor: Expertise in utilising digital currencies
As cryptocurrencies enter the mainstream, consumers and businesses are beginning to show more interest in investing or just taking part in the new form of the digital economy. However, the cryptical nature of the segment and the complexities involved in understanding the legality, tender, regulations and storage have been highlighted as a potential market opportunity by Coinfloor, a VC-backed Bitcoin trading platform that offers expertise for users in the sector. The company has looked to bring values of complete transparency and honesty to its operations, delivering an anti-money-laundering mandate that focuses on security, regulation and legitimacy. Essentially the start-up looks to begin the next stage of development in an industry blighted by a lack of professionalism among now defunct traders such as Mt. Gox.
4. Ringpay: Digital wallet venture
Ringpay is another bright young firm in the digital wallet space, coming out of Canary Wharf Group’s Level39 accelerator. The start-up has constructed technology that is set to streamline point of sale, peer-to-peer and other money-transfer transactions via a web-enabled handheld device. As more consumers transfer to mobile payments, the company is well positioned to take advantage of growing trade.
5. Osper: Finance management for the young
Osper, a participant in London’s new TechStars programme in 2013, aims to instil and develop prudent and smart financial skills in young people. The company has already set up a number of youth organisations, such as ShellsuitZombie, Capture Collective and Interns Experience, to reach teenagers and students across the UK by digital means. An ethically driven organisation, Osper has already attracted an impressive core of advisors and partners from the financial space through its responsible message.
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