5 UK FinTech startups on track to gain unicorn status in 2024

By Gloria Methri

UK startups are achieving unicorn status more rapidly than ever before, with the development of the venture capital sector mounting. Early access to substantial funding, along with mentoring and business networks, enables startups to accelerate their growth, showcase their potential, and attain massive valuations at a young age.

Despite the COVID-19 pandemic, 7 companies achieved unicorn status in the UK in 2020, followed by 25 companies in 2021—the highest number in a single year. However, the rate of new unicorns has since decreased, with 11 companies reaching unicorn status in 2022 and 5 in 2023.

Could 2024 be better? Let’s look at 5 British startups that are on track for unicorn status.

Founded in 2014, ClearScore offers its customers free credit scores, reports and current account spending analysis. The startup makes its money from financial companies, which pay the startup to recommend them to clients using the service. The company works across the UK, South Africa, Canada and Australia, with over 19 million users worldwide. Currently, it has a valuation of $700 million.

London-based Curve lets customers consolidate several bank accounts into a single card managed on one app. The company also offers a Buy now, pay later service backed by a $1 billion loan facility. Founded in 2015, Curve is on track for unicorn status with a latest valuation of $781 million.

Founded in 2016, Form3 helps banks and regulated FinTechs move money faster using cloud payments architecture. It provides a technology platform for financial institutions like banks and point-of-sale companies to process payments and transactions. It offers a fully managed payment technology platform for Financial Institutions as a service. The company’s latest valuation is between $640 and $960 million.

Tide is a digital bank for freelancers, small businesses and scaling startups. It is the leading provider of UK SME accounts and one of the fastest-growing FinTechs in the country. Tide business accounts have no monthly fees and are FCSA-protected, as accounts are provided by ClearBank, offering a fully regulated banking infrastructure. Tide is live with over 590,000 members in the UK and more than 225,000 in India, with a total valuation of $650 million.

10x Banking is a software development company that provides a cloud-native core banking platform for financial institutions. Founded in 2006 by former Barclays CEO Antony Jenkins, 10x Banking offers an operating system for banks to speed up operations and update legacy technology. In July 2021, it raised $187m from investors, including BlackRock and Nationwide, bringing its total funding to around $252 million. The company’s latest valuation stands at $700 million.

Also read: Global Digital Banking Vendor & Landscape Report Q1 2024