Fintech is the fastest-scaling sector in 2022
UK tech scale-ups received record 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 $5.6 billion collected across all of 2021.
Fintech has been the fastest-scaling sector, receiving $1.4 billion in venture capital investment in the first half of the year.
Read more: Price responsiveness highlights P2P excellence
Healthtech comes in second with $769m raised; followed by energy technology with $542 million.
Following the release of the statistics, Tech Nation announced that 36 tech scale-ups have been accepted into their scale-up growth program for the UK’s fastest growing mid-market technology 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 financial activity in real time; Player, which helps SMEs convert their invoices into BNPL payments; and global SME finance marketplace Swoop.
An executive at the former peer-to-peer lending platform Funding Circle was among the judges who selected the newest Upscale companies.
“I thoroughly enjoyed my recent judging and advising experience with Tech Nation on the Upscale program,” said Jat Bansal, Director of Talent at Funding Circle and Upscale 8.0 Judge.
“I resonate with Tech Nation’s ambitions to help 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 truly special for the future.
Read more: 2022 Peer2Peer Finance News Power 50
“Having Tech Nation support and drive this ecosystem in the UK continues to be key to unlocking up-and-coming talent and ideas.”
The six-month government-backed Upscale program is designed to support and scale the most promising mid-tier technology companies in the UK. Businesses accepted into the Upscale program will receive over 60 hours of support, as well as access to networking events and online resources.
“I’m excited to welcome all of these ambitious, fast-growing tech scale-ups to the Upscale Program this year,” said Winnie Yan, Head of the Upscale Program 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 revenues of over £90m, and it’s fantastic to see investors taking notice of the potential these technology companies have not only to scale, but also transform every corner of society for the better.”
Read more: Zopa looks to raise another $100 million before the IPO
