2025 Fintech Index - Top 50 UK companies

Low growth but high efficiency. 

This was the mantra for the fintech sector in 2024, as showed in my lasted Report about the state of the Fintech sector.

- Median annual revenues growth rate 2024: +29% (+45% in 2023, +68% in 2022);

- Median EBITDA Margin: -6.4% (-37% in 2023, -97% in 2022).

Takeaways:

The fintech sector in the UK generated total revenues of £8.8b in 2024 and a total positive EBITDA of £1.1bn; Revolut and Monzo together represented 49% of the total revenues of the industry in 2024

In 2024 just 3 companies were able to grow by more than 100% YoY, vs.12 in 2023. Vitesse and Cleo were the best practices, growing respectively by 122% and 106% vs 2023.  Just 8 companies achieved in 2024 a higher growth rate than the previous year.

On the other side, the fintech sector introduced efficiencies and cost cutting in its P&L structure, generating a total profit of £1.1bn, a 5x increase compared to 2023. However, excluding Revolut, the sector as a whole remained slightly loss-making (Revolt alone generated £1.1bn of EBITDA in 2024).

22 companies were profitable in 2024 vs. 17 in 2023. 

From an EBITDA Margin perspective, Oak North was again the best company of the benchmark, with an EBITDA Margin of 73% (but the top line grew just by 4% in 2024).

Only 16 out of 50 companies exceeded the Rule of 40 benchmark in 2024 vs 20 in 2023

Valuation side, the top 50 UK companies achieved a combined value of over £100bn, thanks to the upside secondary rounds of Revolut and Monzo. Revolut by itself, represents almost 55% of the total value of the UK Fintech Industry. 

The number of unicorns increased from 9 to 10, thanks to Tide. Tide was the only company able to close a growth round in the last 12 months with a £150m investment from TPG in September 2025, valuing the company at 5.8x the Revenues 2024.

The only M&A transaction in 2024 was the acquisition of Freetrade by IG Group in January 2025 for £160m (6x revenues 2024).

The UK private fintech sector traded with a median of 8.4x last year revenues, a rich valuation considering that the UK listed fintech companies trade with a median of 3.9x the last 12 month revenues (and highly profitable - 37% EBITDA Margin).