The UK’s fintech sector is now home to 28 unicorns, private companies each valued at over $1 billion. That figure, confirmed by valuation data platform Multiples, marks the UK’s solidification as one of the most vibrant and competitive fintech ecosystems in the world.
At the top of the pyramid sits Revolut, with an estimated valuation of $60 billion, far ahead of any other fintech in the UK and a commanding presence even by global standards. But the story doesn’t stop at the summit.
This cohort of 28 includes a wide range of firms spanning payments, banking, insurance, and credit infrastructure, highlighting the diversity and maturity of the UK fintech landscape.
The unicorn count comes courtesy of Multiples, a valuation platform built for venture capitalists, private equity professionals, and financial analysts. Multiples compiles institutional-grade metrics such as EV/EBITDA and forward-looking estimates to benchmark startups and scale-ups across 220+ niche technology categories.
Its unicorn list is a filtered, granular view of market activity that offers insight into how investors and analysts are pricing high-growth, high-risk ventures.
According to Multiples, the 28 fintech unicorns are distributed as follows:
9 firms are valued above $5 billion, led by Revolut and including giants in payments, insurance, and embedded finance.
11 firms fall in the $2 billion to $5 billion range, featuring names that may soon crack the top tier.
8 firms are valued between $1 billion and $2 billion, forming the foundation of the current wave of innovation.
These numbers are dynamic, reflecting the fast-paced world of venture capital where valuations fluctuate with market sentiment, funding rounds, and, increasingly, revenue performance.
In a year where fintech investment globally showed signs of volatility, the UK stood out for its resilience. According to Beauhurst’s 2025 Fintech Report, UK fintechs attracted $5.1 billion in 2024 across more than 400 deals. That figure eclipses the combined fintech funding in France, Germany, China, India, Brazil, and Canada.
Twenty-seven of the 28 unicorns are based in or around the city, which offers proximity to a deep pool of venture capital, technical talent, and financial expertise. The outlier is OakNorth Bank, based in Manchester, proof that the fintech wave is starting to spread beyond the capital.
Several factors have converged to create fertile ground for fintech innovation in the UK:
The Financial Conduct Authority’s (FCA) sandbox model lets startups test new products with regulatory oversight but without the full burden of compliance. Since its launch in 2016, it has been a blueprint for similar initiatives worldwide.
London remains a magnet for both domestic and international investors. The UK’s capital markets are among the most liquid and well-connected in the world, allowing companies to scale quickly.
The UK’s universities continue to churn out world-class graduates in computer science, mathematics, and finance. Many fintechs also draw talent from the City’s established banking sector, providing deep experience and technical knowledge.
While Revolut dominates headlines, other firms are making waves:
Checkout.com, one of the largest payment processors in Europe, is valued at around $40 billion and serves clients including Netflix and Coinbase.
Monzo, the digital bank beloved by younger users and SMEs, carries a $6 billion valuation after its recent funding round.
Marshmallow, an insurtech that caters to underserved demographics such as immigrants, has achieved a $2 billion valuation, making it the UK’s first Black-owned unicorn.
Others such as GoCardless (payments infrastructure), Starling Bank (digital banking), and Zilch (buy-now-pay-later) highlight the diversity of services and markets that UK fintechs are targeting.
It’s worth noting that not all data providers agree on the unicorn count. Tracxn, for example, lists 40 UK fintech unicorns, while Beauhurst reported 18 as of early 2025. These discrepancies often boil down to methodology, some platforms include recently acquired or public firms, others do not.
Multiples focuses on verified valuations using industry-standard metrics, offering a more consistent and transparent framework. However, the debate over what constitutes a “true” unicorn continues to animate discussions in the venture capital world.
Despite the upbeat numbers, challenges remain. Global competitors such as Singapore and New York are aggressively courting fintechs with tax incentives and streamlined licensing regimes.
Additionally, macroeconomic pressures and tightening monetary policy have made investors more cautious, shifting focus from “growth at all costs” to sustainable unit economics.
The dramatic revaluation of Stripe, from $95 billion to $50 billion in 2023, has left a mark on the entire fintech industry, serving as a cautionary tale against runaway valuations.
Still, the future for UK fintech looks bright. Firms like Cleo, a budgeting and financial management app, and Allica Bank, a business-focused challenger bank, are approaching the $1 billion mark. If current trends continue, they may join the unicorn ranks within the year.
Government and industry initiatives, such as the Unicorn Council for UK FinTech launched in 2024, are also working to streamline policy and amplify the sector’s global influence. Meanwhile, frontier technologies, AI, blockchain, embedded finance, are opening new avenues for disruption.
With smart regulation, robust capital markets, and relentless innovation, Britain remains one of the best places in the world to build a fintech company.
The next chapter may well be even more transformative than the last.
