Fintech leads the latest UK Unicorn List

Which UK Fintechs are set to become the next Unicorns?

Alex Speedie

February 18, 2025

According to the latest research from Hurun, the FinTech sector remains the most dominant among UK unicorns, with eight of the top ten companies in the index operating in this space, and 24 out of 38 overall. Additionally, FinTech leads the pipeline of future unicorns, as evidenced by Hurun’s Gazelle list—which highlights scaleups expected to achieve unicorn status by 2027—featuring 17 FinTech companies, making it the most well-represented sector. Notably, London continues to be the industry's epicenter, with only two companies on the Gazelle list, Tandem and Atom Bank, headquartered outside the capital. Hurun’s Cheetah list, which includes scale-ups projected to reach unicorn status later this decade, also underscores FinTech’s significance. Within this category, FinTech accounts for 11 out of 39 companies, still the largest grouping, albeit with a slightly reduced share.

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Among the emerging FinTech firms, Volt stands out. The UK is widely recognised as a global leader in developing an open banking ecosystem, driven by the establishment of the Open Banking Implementation Entity. Currently, there are over 12 million monthly open banking users, a significant increase from just 3 million in January 2021. Open Banking enables individuals to securely share their banking data with third-party organisations, such as FinTech firms, facilitating more cost-effective, safer, and faster bank-to-bank payments as an alternative to card transactions.

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Volt has the potential to play a pivotal role in this space, having built a ‘network of networks’ that allows merchants worldwide to process real-time account-to-account payments. Backed by $23.5 million in Series A funding and $60 million in Series B funding, Volt’s objective is to globalise open banking. The company has already expanded into Australia, Poland, and Brazil, with additional markets on the horizon.

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This expansion comes at a time when UK FinTech firms generally are aggressively pursuing international growth. Wise, for instance, recently reported a 25% increase in active customers, reaching 11.4 million in the six months leading to September 2024—representing a 2.8-fold expansion in its customer base over four years. As the company deepens its integration with domestic payment systems, it has secured three new approvals for direct integration in Brazil, Japan, and the Philippines, bringing its total to eight once fully implemented.

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Meanwhile, Revolut, currently the most valuable UK unicorn as per Hurun’s rankings, continues its rapid international expansion, with Ukraine being the latest addition to its operational markets. The company now serves over 50 million users globally and is reportedly considering an IPO. The potential location for its listing remains a topic of debate, with the CEO indicating that, under the current UK stamp duty regime, the UK may not be the preferred choice. Nonetheless, Revolut serves as a prime case study of how UK FinTech firms have successfully scaled on a global level.

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Looking ahead, the most significant growth opportunities are expected in developing markets, particularly across Africa, Asia-Pacific (excluding China), and Latin America, where the sector is projected to double in size over the coming years. For FinTech companies seeking international expansion, these regions present highly attractive prospects. This topic is explored in detail in our latest market outlook report. If you are interested in learning more about the globalisation of FinTech and the emerging opportunities, we invite you to download the report here.

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Finally, at Rex Machina, we specialise in helping fintechs position themselves as employers of choice and secure the talent needed for accelerated growth. If you're struggling to fill key roles, we’re here to assist you in building a team that can drive your success. Get in touch, to find out more. Or if you would like to schedule a time for a chat, do feel free to book in a time with me here.

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Fintech leads the latest UK Unicorn List

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