British fintech company Zopa Bank has reached annual profitability for the first time. The digital bank reported a pre-tax profit of Ā£15.8m for the year ended 31 December 2023, up from a loss of Ā£26m in the year prior. Zopa said its customer base has now grown to over one million people since its 2020 ... Read more āŗ
54
Fintech is once again the UKās best-funded startup sector after climate tech secured the most investment in 2023. In the first quarter of 2024, UK fintech companies raised $1.4bn across 73 rounds, according to data from Dealroom and HSBC Innovation Banking. Fintech funding rounds over the period include Ā£340m raised by challenger bank Monzo and ... Read more āŗ
0
Microsoft has launched a UK AI startup accelerator in partnership with London-based private investing platform Seedrs. The Series AI programme aims to help participating startups build and integrate AI technology. The four-week accelerator, open to startups from Seed to Series A stage, will include mentorship, resource sharing and commercialisation support. āOver the last few years, ... Read more āŗ
5
International money transfer firm Wise has posted a small revenue bump for the fourth quarter of the fiscal year, but saw shares slip by 8% after missing analyst consensus estimates. In its Q4 trading update, the London-listed firm reported revenue of Ā£277.2m, a marginal increase from the previous quarterās Ā£276.6m and a 24% increase from ... Read more āŗ
2
This weekās UKTN Podcast guest is Improbable CEO and co-founder Herman Narula, who says the metaverse is already thriving rather than being over before it started. Backed by the likes of SoftBank and Andreessen Horowitz, the London-based company designs, builds and operates metaverse experiences for brands. Recent projects include screening a Major League Baseball match ... Read more āŗ
2
Qureight, a Cambridge-based health tech company that develops digital infrastructure for complex medical data, has raised $8.5m (Ā£6.8m). The company was founded in response to the limited treatment options for complex heart and lung diseases. According to Qureight, part of the problem is that researchers have to manually extract important information from large volumes of ... Read more āŗ
15
Losses at Zapp increased from Ā£76m to Ā£92.5m in 2022 as the rapid grocery firm restructured the business to focus on core markets in what was a challenging year for startups. Quick Commerce Limited, which operates as Zapp, more than doubled its turnover year-on-year from Ā£11.5m to Ā£28.9m over the same period, according to accounts ... Read more āŗ
0
West Midlands startup support organisation TechWM has launched a special interest group that will āchampionā women in tech amid a āhorrifyingā industry gender gap. The Women in Tech Special Interest Group is aiming to get more women into technology roles and leadership positions. It aims to do so by bringing together industry experts who can ... Read more āŗ
0
KPMGās Private Enterprise practice has today launched its annual search for the most exciting tech innovators on offer in the UK in its 2024 tech startup competition. The pitching competition, which has been running since 2013, has uncovered outstanding tech from businesses across the UK including What3Words, VividQ and HiiROC who went on to win ... Read more āŗ
2
Lawhive, a legal tech startup that has built a large language model-powered āAI lawyerā, has raised Ā£9.5m. Founded in 2021, Lawhive has built a platform for lawyers, described by the company as āShopify for Lawā, to complete time-consuming tasks for clients. The London-headquartered company said its AI tools automate repetitive admin tasks such as client ... Read more āŗ
2
Ironically, the UKās new flexible working laws, a significant attempt to modernise the countryās working landscape, came into effect on 6 April ā a Saturday. Even legislation needs a weekend lie-in, apparently. Admittedly, itās the beginning of the new financial year. Yet that no one thought to look at the calendar and bring in the ... Read more āŗ
22
The UK continues to tackle a skills gap for crucial tech roles. At the same time, government plans to further cut net migration have caused concerns among startups that it will become even more challenging to secure the right talent. What are the visa options for people hoping to work in the UKās tech ecosystem ... Read more āŗ
1
The UKās competition regulator has warned that a small number of powerful tech firms have the potential to use their size to dominate the AI market. Speaking at a conference in Washington DC, Sarah Cardell, chief executive of the Competition and Markets Authority (CMA), noted the growing presence in the AI foundation model market of ... Read more āŗ
0
The UK government has announced the follow-up to last yearās AI Safety Summit will take place in South Korea in late May. The AI Seoul Summit, taking place on 21 and 22 May, will follow on from discussions between world leaders, tech companies and researchers started at the UKās Bletchley Park AI Safety Summit held ... Read more āŗ
0
Keith Lewin is the founder and chairman of PostTag, a company providing precise address data to delivery and taxi businesses. Founded in 2016, PostTag has created software that it says processes over 3,000 address validations every minute to provide āprecise longitude and latitude detailsā. Because this data is more precise it means companies can save ... Read more āŗ
4
This weekās UK tech funding deals include SME financial management platform Mimo, a navigation app for the visually impaired called Waymap, digital carer platform Log my Care and more. UKTNĀ tracked Ā£42.4m worth of tech funding deals this week (08 April to 12 April), an 18% week-on-week decline. Hereās your weekly roundup of UK tech startup ... Read more āŗ
1
Quantonation Ventures has secured ā¬70m (Ā£60m) in the first close of its second early-stage quantum technology investment fund. Founded in 2018, Quantonation is a VC firm that targets deep tech companies, particularly those developing quantum computing technology. Through its first fund, Quantonation backed 27 companies, including London-based Orca Computing, which raised Ā£12m in June 2022, ... Read more āŗ
0
Administrators of the collapsed UK electric vehicle company Arrival believe a sale of the company and the repayment of creditors is āpossibleā. The UK subsidiary of the Luxembourg-based EV maker entered administration in February after failing to secure a rescue deal. Administrators from EY have concluded that the primary objective of rescuing the business āwould ... Read more āŗ
2
Mimo, a financial management platform for small and medium-sized enterprises (SMEs), has closed a Ā£15.5m funding round. Founded in 2023, Mimo aims to simplify cashflow management for SMEs. The company said the abundance of software tools performing specific financial tasks such as payroll, invoicing and international payments, has created a fragmented and complex system for ... Read more āŗ
0
Veremark, a London-based startup offering background screening for hiring and appraisals, has raised $3m (Ā£2.4m). Founded in 2019, Veremark performs background checks for companies on prospective hires, looking at qualifications and legal compliance. Veremark can also be used to screen existing staff, business partners, limited partners and founders. The company also recently launched Verepass, a ... Read more āŗ
0
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28.11.2024 15:49
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