The UK FinTech industry has continued to grow exponentially in recent years and one of the sector’s fastest growing verticals is payments.
With COVID-19 accelerating our transition towards a cashless society, many payments businesses have played a critical role helping consumers stay safe and helping businesses of all sizes continue to function. As we emerge from the pandemic many of these FinTechs are continuing to grow as cashless payments remains the norm, eCommerce maintains its dominance and businesses begin to bounce back.
Led by tech unicorns such as Wise and GoCardless the UK payments sector is enjoying its moment in the sun and here we shine a spotlight on the sector’s up and coming stars.
Vincent Choi & Simon Verraest, Pomelo Pay:
Capitalising on the accelerated transition within society towards cashless payments, Pomelo Pay is one of the UK’s most exciting FinTech businesses. Founded by Choi and Verraest in 2017, the business primarily focus on the SME market and provide a range of payment solutions to streamline cashflow management and payment processes.
Under Choi and Verraest’s leadership the firm has grown significantly and successfully raised $10 million in November 2021 as part of a Series A funding round. As we emerge from the pandemic Pomelo Pay’s solution will be critical for small business owners across the country and will be a huge part in helping them return to profitability.
Alastair Johnson & Seema Khinda Johnson, Nuggets:
Two passionate proponents of data security and tackling financial crime, Nuggets was launched when co-founder Alastair suffered the consequences of a data breach.
Data breaches continue to impact the lives of thousands of people every day and Nuggets’ blockchain-based technology aims to improve security and enable people to stay in control of their own personal data. Co-founder Seema is one of the UK’s most prominent up-and-coming voices when it comes to women in tech and following a career delivering large-scale global projects for organisations including Microsoft and Skype Johnson is now committed to using innovative technology for social good.
Paul Marcantonio, ECOMMPAY:
With a strong footprint across Europe, ECOMMPAY’s technology enables merchants to make online payments and payouts globally. Working across sectors including retail, travel and mobility the London-based business have grown hugely since launch in 2012 and now have over 700 employees across their five global offices.
Executive Director of the UK and Western Europe, Marcantonio has spearheaded the firm’s growth across these regions. With over 20 years of experience in payments Marcantonio is a leading authority on the constantly evolving industry landscape and is a regular commentator in the media on changes to the industry. Click here to read more about our work with the business.
Manpreet Haer and Zaki Farooq, Payfuture:
Using innovative AI technology, Payfuture’s payment gateway enables merchants to access multiple global markets and tap in to various local payment options in each region. The gateway allows merchants to enter new, sometimes difficult to access markets and tap in to various avenues for growth in order to increase profitability.
As well as the firm’s leading API solution the business also offer a payment platform that gives firms real-time access to data around payment trends in these emerging markets. This level of rich insight allows businesses to formulate data-led strategies to further support their growth internationally.
Olly Thornton-Berry and Jack Bidgood, Thirdfort:
Operating in the KYC and AML sector, online verification platform Thirdfort uses innovative technology, open banking and a leading ‘risk engine’ solution to help businesses not only improve their compliance but also use it as a competitive advantage. Significantly reducing client onboarding time is one of the reasons the firm’s mobile app has been downloaded over half a million times in just two and a half years.
Founded in 2017, under Thornton-Berry and Bidgood’s leadership the start-up has grown to over 100 employees and has recently raised $20m in a Series A funding round. With growing media focus on money laundering and source of funds it will be fascinating to see how the firm’s profile continues to grow as it enters this exciting next phase.
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