A further five firms have joined the FCA’s Scale-up Unit and will receive tailored support to help them innovate, navigate regulation and grow sustainably.
The fast-growing businesses are the first firms regulated solely by the FCA to take part and comprise ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and Insurtech.
The regulator said a recent pilot with 15 high-growth firms suggests that early investment in governance, risk management and controls helps firms manage the opportunities and challenges of growth, as well as scale sustainably.
Jessica Rusu, chief data information and innovation officer at the 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 first cohort to benefit from the Scale-up Unit included six firms jointly regulated by the FCA and PRA. Applications for the next group will open soon.
