Fintech is fastest-scaling sector of 2022
The UK’s tech scale-ups received a record amount of investment during the first half of 2022, with fintechs leading the way.
According to the latest figures from Tech Nation, a record $5.1bn (£4.46bn) was raised by tech scale-ups in the UK between January and August 2022.
This compares to $5.6bn raised across the whole of 2021.
Fintech has been the fastest-scaling sector, receiving $1.4bn in the venture capital investment during the first half of the year.
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Healthtech comes in second place with $769m raised; followed by energy tech with $542m.
Following the release of the statistics, Tech Nation announced that 36 tech scale-ups have been accepted into its Upscale growth programme for the UK’s fastest-growing mid-stage tech companies.
These companies include several fintechs, such as CreditEnable, a London-based global credit insights and technology company that enables intelligent lending to small- and medium-sized enterprises (SMEs); Fable Data, which measures SME economic activity in real time; Playter, which helps SMEs convert their invoices into BNPL payments; and global SME finance marketplace Swoop.
An executive at former peer-to-peer lending platform Funding Circle was among the judges who chose the latest Upscale companies.
“I thoroughly enjoyed my recent judging and advisory experience with Tech Nation on the Upscale programme,” said Jat Bansal, director of talent at Funding Circle and Upscale 8.0 Judge.
“I resonate with Tech Nation’s ambitions in helping entrepreneurs and small businesses get the support they need to grow, innovate and disrupt. It was brilliant to see some incredible and innovative UK based tech scale ups disrupting multiple industries and creating something really special for the future.
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“Having Tech Nation to support and drive this ecosystem in the UK continues to be key to unlocking upcoming talent and ideas.”
The six-month government-backed Upscale programme has been designed to support and scale the most promising mid-stage tech companies in the UK. Companies accepted into the Upscale programme will receive over 60 hours of support, as well as access to networking events and online resources.
“I am delighted to welcome all of these ambitious, fast-growing tech scaleups to the Upscale programme this year,” said Winnie Yan, Upscale Programme lead at Tech Nation.
“The impact these companies’ innovative solutions are already having on people’s lives across so many industries is evident from their combined revenue of over £90m, and it’s fantastic to see investors taking note of the potential these tech companies have not only to scale but to transform every corner of society for the better.”
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