Among the 50 most valuable European companies in the fintech industry, 23 are based in the UK. Their combined value exceeds 26.5 billion dollars — which is three times more than the value of the dutch companies in 2nd place in the lineup. And the vast majority of them are based, of course, in London.
The British capital city is the biggest startup hub in Europe, successfully attracting investors from around the world to run their innovative businesses right from the heart of commerce. In spite of Brexit-related commotion, this trend is not likely to change in the years to come as Great Britain is definitely a country with vast pool of talented, visionary people, growing market and many possibilities for business.
So, let’s take a closer look at some of the most interesting companies that are trending in 2020, both in fintech and its off-shoot — insurtech. Their ideas, technology used as well as adjustment to the changing market needs may be a valuable inspiration for other businesses. Here are the ones we would like you to get to know better:
This company was founded in 2016 as a cloud-based “payment as a service” platform for banks, fintech companies and other financial institutions. Form3 helps organisations deal with end-to-end payment processing effectively and in a highly secure manner by incorporating the latest technological advancements and partnerships with agency banks. This way, the company is able to offer great commercial terms for its clients along with a transparent pricing model. The platform features, among other things, real-time monitoring and alerts, 24/7 support and a super simple API.
MishiPay is innovative payment technology for retail stores. Using the mobile app, customers in brick-and-mortar shops get an almost completely online experience by simply scanning the barcode of the product they want to buy, paying for it using their phones and just leaving the store afterwards — without any contact with sales associates. No standing in line and wasting time. It’s a convenient way to simplify shopping for the client, and a super secure and efficient solution for the store itself. Once the purchase has been processed, the shop’s security system is notified in order to allow the customer to walk out, without triggering the alarm.
This is a useful app for managing a personal and household budget. Dozens offers its users an overview of their expenses, and helps them plan their current and future budget. Within the mobile app, every user gets a clear visualisation of their spending habits, so they can plan out how to put some money aside and build up their savings. Features include a UK current account, fixed interest bonds, investment options, and a debit card totally free of any fees. However, it’s not a bank. It’s an e-money institution and investment firm authorised by the Financial Conduct Authority.
Quantemplate is a cloud-based platform designed for insurance professionals, allowing them to combine all their chaotic datasets and turn them into actionable insights regarding the market and their customers. It’s a flexible tool powered by machine learning that helps insurance businesses scale and achieve a competitive edge by efficiently handling a massive number of continuously changing inputs. And the most important part — Quantemplate has a “zero-coding” interface which enables non-technical users to understand and explore data insights with ease and in no time.
Neos is a kind of innovative home insurance service that combines comprehensive home monitoring, 24/7 emergency assistance, along with a mobile app for managing smart technology solutions and proper insurance options. It provides an extra peace of mind while everyone’s away and the house is empty. The indoor security camera, leak and motion sensors and smoke alarm detector — they can all be controlled via smartphone, and in the case of a fire, leak or break-in, professional assistance takes over to handle the problem. The system is super easy-to-use and takes home protection to an entirely new level of safety.
7. Bought by Many
This award-winning startup leverages social media to connect people who share the same passions or needs in order to negotiate group insurance offers — which are much more beneficial than any packages available for individuals. Insurance can apply to travel, real estate, sports activities, business, gadgets, cars or even pets, including exotic ones. Bought by Many is exactly what the name suggests — already bought by over half a million people, split into more than 300 insurance groups. Competitive prices, attractive discounts, and improved terms on products and services — this is all what makes this insurtech company so popular.
Cuvva offers super flexible UK car and travel insurance with three main advantages over traditional services: it works on a short-term basis, so users can pay for just the period they actually need it, it cuts out the middleman, and it is far removed from outdated legacy systems. Cuvva is clear of heavy paperwork and incomprehensible technical jargon. It simply puts people first, so whether they just need to rent a car for a couple of days or get health insurance for a short trip abroad — Cuvva gets them covered. And it’s all available in a user-friendly mobile app, one that also offers 24/7 support with an excellent 1-minute average response time.
All of these companies are just a drop in the ocean of fintech and insurtech companies, which is a good indicator of how developed and innovative this market is. Yet, there’s still some space for new business ideas, especially those that are powered by artificial intelligence and machine learning. And as far as we can see, the spiral will continue to trend upwards in the months and years to come.