The cash being pumped into London’s financial technology businesses has already surpassed the entire amount invested 2014 as the capital cements its status as the FinTech capital of the world,” reported City AM recently.
2015 has been the most successful year ever for FinTech, with $554m (£357m) of venture capital investment in Q3, compared to total investment of $487m in 2014 according to the same source. And the special Envoy for FinTech, Eileen Burbidge, declared:
“The UK is emerging as the FinTech centre of the world and London is the jewel in the crown of the UK’s FinTech success story.”
So it’s no wonder that when the tech news site, The Memo, organised an event last Tuesday at DueDil headquarters themed Why Work in FinTech – find out from the founders, more than a hundred of people turned up.
So who are these hot Fintech Entrepreneurs succeeding on the London scene?
Damian Kimmelman, Co-founder and CEO of DueDil, a simple way to find information on private companies, for finding business opportunities, prospecting or mitigating risks. The company started 5 years ago and raised 30 million dollars. They are expanding rapidly at about 2 people a week and are going through a substantial cultural change and identity.
“The first 2 million that you make is impossible, 2 to 10 million is improbable, 10 to 100 million is inevitable,” said Damian, excited that the company is getting close to 10 million.
Anil Stocker, Co-founder and CEO of MarketInvoice, an online platform that helps small business raise cash flow, finance and working capital. Typically, businesses have to wait 90 to 120 days to get their money whilst they still have to pay their suppliers, marketing costs, overheads, etc.
MarketInvoice help their clients to signup online and get cash against their invoices future revenues fast. The 80-people company has processed 560 million through the platform and hit a high point in October with 36 million in one month.
Hiroki Takeuchi, Co-founder and CEO of GoCardless, a Start-up that helps businesses collect recurring payments. They help 13000 companies in the UK and collect close to £1bn a year. Their clients cover a wide range of businesses from not for profit organisations to big media players like The Guardian.
The moderator of the evening, Alex Wood, Editor-in-Chief of the Tech news site The Memo, is also a Tech entrepreneur in his own right with his online venture setup as a start-up. after his life as a Tech journalist.
The trio started their businesses almost at the same time, five years ago, and went through the growth stages and share the experience together. They’ve shared what it takes to succeed in this industry, the good, the bad and the most single quality needed to make it work.
Find out all about their advice and exciting opportunities next time in part 2.
For now Watch the introduction of the three founders below.
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If you are looking to explore how to start your own business, come and join me and Jovan Pavlicevic, founder of forest, at ESCP Europe London Campus next Tuesday 17th November at 7.30pm in a seminar packed with highly practical and latest information to getting it right first time.