FCA expands Scale-up Unit support to five fast-growing financial firms
ClearScore, Modulr, Teya, Urban Jungle and Zilch have joined the initiative, becoming the first firms regulated solely by the FCA to take part.
The Financial Conduct Authority (FCA) has expanded its Scale-up Unit to support five fast-growing financial services firms with regulatory guidance as they develop products and grow their businesses.
ClearScore, Modulr, Teya, Urban Jungle and Zilch have joined the initiative, becoming the first firms regulated solely by the FCA to take part.
The businesses span payments, consumer finance, credit information and insurtech and will receive tailored regulatory support designed to help them navigate policy changes, develop new products and manage the challenges associated with rapid growth.
The expansion follows an FCA pilot involving 15 high-growth firms, findings from which were published on 10th August.
The latest additions follow the announcement of six firms jointly regulated by the FCA and Prudential Regulation Authority as the Scale-up Unit’s first cohort in February.
The FCA said applications for the next group of businesses will open shortly.
More than 1,000 innovative and growing firms have received support through the FCA’s innovation services since they were launched.
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.”
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