Top 4 FinTech Disruptors of the UK and Europe in 2021

By Joy Dumasia

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with A.I. and machine learning and will make FinTech products an integral part of our digitalized life.

The FinTech disruption in banking started during the last financial crisis in 2008. Previous finance sector employees who lost their jobs weren’t ready to give up on finance. They teamed up with I.T. professionals and started creating FinTech startups solving people’s problems instead of banking problems. Due to the economic crisis, the trust in traditional banks was damaged, and everyone was eager to save and manage their money. This was a huge opportunity for the digital industry, and new user-centred financial services started booming.

The following are the Top 4 FinTech Disruptors of the UK and Europe in 2021:

• Checkout.com

London-based Checkout.com offers payments services to online businesses. The company made news in 2019 when it announced a $230 million Series A funding round and raised another $450 million during a Series C funding round in 2021. It has a current valuation of more than $15 billion, making it one of the most valuable FinTechs in the world.

 The company has more than 1,000 employees across 17 offices globally. While still private, Checkout.com is currently exploring a U.S. listing.

Recently, IBS Intelligence reported that Checkout.com, the leading cloud-based payments solutions provider, announced the acquisition of Estonian software development firm, Icefire. The acquisition of Icefire and its 110 technology engineers will join its global technology teams to accelerate the delivery of key products and features.

• Klarna

Stockholm-based Klarna is a FinTech that provides interest-free payment solutions for consumers buying from online retail shops. Klarna is known for its disruption in the ‘buy now pay later’ market; it regards itself as a healthier, simpler and smarter alternative to credit cards.

Businesses can leverage Klarna’s shop directory and marketing channels to ensure better customer retention, with the company offering integrations with Salesforce and other customer-facing partners.

IBS Intelligence reported that Klarna, the global banking, payments and shopping service, is launching an experiential activation in the heart of Manchester to raise awareness amongst consumers and influencers regarding social media advertising guidelines.

•  Coinbase

Founded in June 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. Disrupting the industry by having the vision to bring more innovation, efficiency, and equality of opportunity to the world by building an open financial system and making digital currency accessible and approachable for everyone. 

Checkout.com has a team covering over 15 international offices, supporting thousands of businesses around the world. Their partners include startups to global superbrands, processing payments in over 150 currencies.

IBS Intelligence reported that Deutsche Telekom had selected Coinbase Custody as its trusted custodian for its CELO tokens that are the native cryptocurrency of the Celo blockchain network. Deutsche Telekom joins Celo to participate in the decentralized financial economy. Deutsche Telekom collaborates with Coinbase to stake its tokens to subsidiary T-Systems MMS.

• Revolut

In 2015, Revolut launched in the U.K., offering money transfer and exchange. Today, customers worldwide use dozens of Revolut’s innovative products to make more than 100 million transactions a month. In July 2021, Revolut became the most highly valued FinTech in the U.K. after a Series E funding round of just under $800m. Revolut announced that it had raised just under $800m in a Series E round and would use the money to fuel expansion into the U.S. and India.

Founded in the U.K. by Russian entrepreneurs Nikolay Storonsky and Vlad Yatsenko, Revolut is one of the leading faces of disruptive U.K. challenger banking, achieving Unicorn status in April 2018.

Recently, IBS Intelligence reported that Revolut, the financial super-app, has announced simplifying cross-border payments between the U.S. and Mexico with the launch of its US-Mexico remittance corridor.

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