Based on a sample of 28 fintech start-ups in the UK, updated as of 1st January 2018.

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Our analysis of fintech financing and performance in the UK shows that many start-ups can raise significant equity financing and achieve high valuations. However, it also illustrates the challenges faced in achieving profitability and in building long-term, sustainable business models. The jury is still out on how long this will take, and on which fintech companies will be able to survive and prosper.

For our total sample of 28 companies, the amount invested to date is £1.3bn, the cumulative reported losses are £399m, and the total valuation of the sample based on the last funding round of each company was £3.8bn.


We have calculated the per share value increase from the first round of funding to the latest round of funding. The average for the sample is 22.0x, but the median is lower at 5.5x. All the companies in the sample have increased in value since their first round and only 2 down rounds have been recorded.

Funding Circle and TransferWise are by far the strongest performers with a more than 100x increase in value from their first round of funding. Other strong performers are Ratesetter, iwoca, Market Invoice, Revolut and Habito. The weakest performer of the companies raising large amounts is Atom Bank with a 2.3x increase in value.


The median Profit After Tax for the sample companies reporting for at least 3 years (20 companies) is -£0.2m in Year 1, -£0.9m in Year 2, and -£1.7m in Year 3. These losses are relatively modest but the losses in Year 3 are particularly notable for the digital banks Atom (-£23m) and Tandem (-£20m).

All the companies in the sample continue to report losses, with the exception of TransferWise which reported break-even before tax and a positive result after tax in its 7th year (due to a tax credit). Funding Circle has also reported for 7 years but losses after tax in Year 7 were £47m.

After a short period of profitability, Ratesetter is also now reporting large losses (-£23m) in Year 7. Nutmeg has reported for 6 years and lost £9m in its latest year.