In its third annual list, LinkedIn ranked Monzo as the hottest company in the UK right now (for the third year in a row), followed by its digital banking rival Revolut.
Revolut is one of the UK’s fastest-growing fintechs, with around 7 million customers worldwide. However, the startup’s desirability comes despite a tricky 12 months in which the company’s culture has been heavily scrutinised.
In April this year, Financial News reported that Revolut had decided to ditch its divisive and controversial ‘Get sh*t done’ catchphrase after the company had attracted fierce media criticism about management’s approach to compliance and concerns over corporate culture earlier in the year.
But things at Revolut were about to change. In May, the digital bank revamped its communications team and recruited its first head of public affairs. And this summer has seen a hiring frenzy, with the company taking on between 120 and 150 new recruits a month.
Other fintechs featured in the top ten include mobile-only challenger bank Starling, which moved up 14 places to fourth, and challenger digital consultancy for banks 11:FS, which took seventh place. Mobile-first business banking apps Tide Business Banking and Curve were also ranked ninth and tenth, respectively.
Overall, fintechs made up 13 of the list of 25 top startups.
We have found here at Stopgap that a big percentage of our clients in the tech space are startups and fintech are the biggest sub-sector we've covered in the last couple of years. That in itself shows they are a high growth area.
Lead consultant Sarah Windsor says “Fintech is definitely a hot topic for candidates, people are often very keen to transition into the sector, especially with the likes of Monzo becoming household names.”
In addition financial services often pay better than other sectors, and fintech still has those high salaries - but with a less corporate culture than the big banks and institutions. Those two things combined make it an extremely attractive area for candidates.
Speaking about the rankings, LinkedIn’s UK managing editor Katie Carroll said: “Our top start-ups list shows that the fintech industry continues to thrive and displays no signs of slowing down anytime soon. It’s also fantastic to see the sector developing and new fintech start-ups entering this year’s list.”
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