The government has appointed five industry experts to lead the chancellor’s plan to turn the UK into the “world’s next Silicon Valley”. Chancellor Jeremy Hunt and Business Secretary Jeremy Hunt have identified five “high potential sectors” to target for growth. They are digital technology, green industries, life sciences, advanced manufacturing and the creative industries. It ... Read more ›
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Virtual reality company Improbable, which has received financial backing from the likes of SoftBank, is preparing to make job cuts in its defence-focused department. A representative for London-based Improbable told UKTN that it follows the company’s October announcement to achieve “sustained profit” in 2023. Improbable’s defence branch is the only business which is yet to achieve ... Read more ›
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Glasgow-based Revive Eco has raised £375,000 in seed funding to commercialise its technology that turns coffee grounds into a palm oil alternative. Fergus Moore and Scott Kennedy created Revive Eco in 2019. The idea stems from the pair’s project while studying at the University of Strathclyde and working in coffee shops. Palm oil is a ... Read more ›
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The Open Banking Implementation Entity (OBIE), which creates the software standards to connect banks and fintech companies, will transition into a new entity underpinned by a regulatory framework next year. A Joint Regulatory Oversight Committee – created in March by the Competitions and Markets Authority (CMA), Financial Conduct Authority (FCA) and Payment Systems Regulator (FSR) ... Read more ›
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An independent survey of more than 750 UK businesses has uncovered their desire to improve digital platforms such as websites, apps and customer-facing tech, as well as the barriers standing in their way. The survey found that: 44% of businesses think their digital platforms fail to do justice to the quality of their product or service ... Read more ›
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Updraft, an open banking-powered app designed to form positive financial habits, has secured £108m in a joint equity and debt funding round. According to the company founder and CEO, Aseem Munshi, Updraft is trying to “provide real solutions to customers to help them find their financial freedom”. Updraft provides what it describes as fair loans ... Read more ›
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London-based startup Aztec has closed a $100m (£82m) Series B funding round led by Andreessen Horowitz’s blockchain investment arm a16z crypto. Aztec Network is a crypto-security startup looking to provide encryption to the blockchain network Ethereum. Normally, records of transactions made on the Ethereum network are public. According to Aztec, providing privacy to Ethereum is ... Read more ›
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Government-owned British Business Bank has appointed Eilish Jamieson and Matthew Elderfield to its board as non-executive directors. Jamieson has previous experience as head of audits at Goldman Sachs, which she left in 2016. Prior to that she held roles at KPMG and Credit Suisse. Jamieson is also a non-executive director for the Financial Reporting Council ... Read more ›
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Irish cybersecurity startup Smarttech247 has publicly listed on the AIM market of the London Stock Exchange amid a slow year for tech IPOs. Founded in 2001, Smarttech247 uses artificial intelligence to develop security solutions for businesses to protect critical infrastructure and assets. The company’s automated platform can be trained to detect the difference between standard ... Read more ›
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A letter signed by more than a dozen UK startups has called on the government to reverse cuts to research and development (R&D) tax credits. Chancellor Jeremy Hunt announced a change to the R&D tax credit policy during the Autumn Statement aimed at reducing fraudulent claims. However, startups have attacked it as a “blunt instrument” ... Read more ›
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Dr Thomas Clayson is the co-founder and chief technology officer of Magdrive, a UK space tech startup developing next-generation spacecraft propulsion. Founded in 2019 by Clayson and Mark Stones, the company is developing the Magdrive Nano, a compact, high-power plasma propulsion system for small spacecraft that combines the high efficiency of electric thrusters with the ... Read more ›
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Amsterdam-headquartered travel firm Booking.com has moved into a new 175,000 sq ft office in Manchester that will home over 1,300 employees. Based in Enterprise City, it will serve as Booking.com’s headquarters for its trips branch and become the business’ biggest international office. Founded in 1996, the travel company has other offices in Stockholm, Istanbul, Singapore, ... Read more ›
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EY, one of the “big four” accounting firms, has launched its first incubator in London aimed at fintech startups and scaleups. The firm’s incubator is based at its Canary Wharf London office and aims to launch another incubator next year in Edinburgh. Former head of Barclays Fintech Venture Studio, Mark Jannetta, has been recruited by ... Read more ›
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Wokingham-based startup Tepeo has scooped £10.4m in a Series A funding round led by BGF for its smart boiler. Founded in 2018, Tepeo’s “ZEB” boiler is designed to heat up its thermal core and store energy when it is cheapest and greenest, taking into account things such as electricity tariffs and the user’s preferences. Johan ... Read more ›
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Personalised running coach app Runna has raised £1.9m in a funding round that included participation from Olympic athletes and reality TV stars. Runna provides custom running programmes to users with various skill sets. There are options for complete beginners up to those training for a marathon. “Everyone at Runna is beyond thrilled with the progress ... Read more ›
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Barclays is increasing its investment in climate tech startups, made through its Sustainable Impact Capital portfolio, from £175m by 2025 to £500m by the end of 2027. The bank has also announced plans to provide $1tn in sustainable financing before the end of 2030. “The final COP27 text stated that $4tn-6tn a year needs to ... Read more ›
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Fintech startup OneBanx has secured £1.27m in a crowdfunding campaign to tackle the issue of high street bank closures with in-person kiosks shared by multiple banks. Founded in 2019, OneBanx was created to fill the gap left by physical bank branches closing down. While the majority of the UK now uses online banking, there are ... Read more ›
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Tech startups across the board are facing tough times. Data from Beauhurst and the recent State of European Tech lay out the full extent of how swiftly the fundraising landscape has altered in the last 12 months and the rather bleak outlook for the year ahead. Overall deal volume in the UK dropped by a ... Read more ›
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Fraud now leads the way as the most common crime in England and Wales and accounts for 40% of all crimes in the UK. At the heart of most of the fraud is fake or obscured identities. In the past, economic crime has often been characterised as victimless. People believe that it’s only banks and ... Read more ›
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London-headquartered B2B insurtech startup Bondaval is looking to expand into new international markets following a $15m (£12.1) Series A. Its insurance product is built on “MicroBonds”, a surety bond that can take the place of legacy security options. Unlike existing options such as bank guarantees and trade credit insurance, MicroBonds cannot be cancelled and provide ... Read more ›
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15.06.2026 15:58
Last update: 15:51 EDT.
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