The FCA has added five fast-growing firms to its Scale-up Unit, which it set up to help innovative financial services businesses get more support from the regulator.
The FCA launched its Scale-up Unit in May to help “fast‑growing and innovative” firms.
The first firms regulated solely by the FCA to take part are ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and Insurtech.
ClearScore, Modulr, and Zilch are part of the Unicorn Council for UK FinTech, a coalition established by Innovate Finance which brings together UK-based fintech unicorn founders and CEOs aiming to accelerate growth in the sector.
Six other firms, jointly regulated by the FCA and PRA, were announced as the Scale-Up Unit’s first cohort in February as part of a pilot. The six firms were: Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank and Zopa Bank.
A recent pilot with 15 high-growth firms, published on 10 August, showed that early investment in governance, risk management and controls helps firms manage the opportunities and challenges of growth, as well as scale sustainably, the regulator said.
Jessica Rusu, chief data information and innovation officer, FCA, said: “High-growth firms play a vital role in driving economic growth across the UK. We want the UK to remain one of the best places in the world to start, grow and scale a financial services business. That’s why we're supporting ambitious firms as they scale, helping them navigate regulation and innovate with confidence.”
The Scale-up Unit gives firms tailored regulatory support as they develop new products, respond to policy changes and manage the challenges of rapid growth. It sits alongside the FCA’s existing programmes, including Innovation Pathways, Pre-Application Support Service (PASS) and Early and High Growth Oversight function, creating a clear pathway from start-up to scale-up, the regulator said.