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Wednesday 29th May 2024, 2:00 PM (BST)

UK leading the way for tech startups, figures show

Figures from card payment solutions firm Paymentsense have shown that the UK is leading the way when it comes to Europe’s tech startup scene, with 1.8 million new businesses being registered over last five years.

The UK came in third in the rankings with a start-up growth rate of 5%, with access to a variety of flexible finance options being one of the main drivers of growth.

Top sectors

Tech and professional activities were among the top sectors for start-ups, with 392,627 new businesses being set up in these sectors between 2013 and 2017.

Among the UK start-ups that are helping to drive growth in the tech sector are money transfer firm TransferWise, finance support firm Sonovate and digital security firm Digital Shadows.

Philip Hammond’s spring statement showed that the UK’s tech sector is thriving, with the Chancellor stating that a new tech firm is set up at a rate of one per hour in the UK.

Figures from Big Four accountancy firm Deloitte showed that London is leading the way for the regions with the fastest growing tech firms, with financial technology firms Smarkets, Receipt Bank and GoCardless Ltd being among the companies that have seen the fastest growth over the past four years.

Great foundations

Commenting on the figures from Paymentsense, the firm’s Chief Marketing Officer, Guy Moreve, said: “The UK ranks among the top five countries with the highest number of registered new businesses and has seen the biggest growth overall within the last five years. It shows that the country offers great foundations for entrepreneurs, especially within the tech sector.”

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