Tech Triumphs: Unveiling the Pinnacle of UK’s Innovation Landscape in 2023

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Revenue grows 65% at mental health platform Kooth

Kooth, the London-listed digital mental health platform, anticipates a remarkable 65% year-on-year revenue surge, projecting £33.3 million for 2023. This impressive growth follows the securing of Kooth’s largest contract to date with the State of California. The recent launch of their digital mental health platform, Soluna, in California reinforces the UK’s stronghold in the global mental health tech arena. As Kooth finalizes discussions with Pennsylvania, extending a pilot contract initiated in October 2022, the stage is set for continued success in the early months of 2024.

UK leads Europe for female founder VC funding, but gender gap remains vast

The UK emerges as a frontrunner in supporting female founders, with 16% of venture capital funds invested in startups led by women—surpassing other European nations. Despite this triumph, the report from Female Foundry highlights the stark reality of the gender gap, emphasizing the need for continued efforts. Female entrepreneurs and fund managers demonstrate resilience across Europe, with a notable boost in funding for female-founded startups, reaching €5.9 billion (£5 billion) in 2023. As the landscape evolves, the report underscores the importance of nurturing innovation driven by women for Europe’s future success.

Why we can ‘cheers’ to Labour’s fintech policies

Labour’s visionary fintech policies, outlined in the Financing Growth report, offer a comprehensive strategy for propelling British businesses to new heights. With a focus on empowering the British Business Bank and fostering regional support, Labour aims to amplify support for SMEs. The commitment to developing an AI strategy, setting international standards, and regulating buy now pay later (BNPL) aligns with the party’s dedication to innovation and consumer protection. Acknowledging the success of open banking, Labour pledges to drive the next phase, ensuring the UK’s fintech prowess continues to thrive. The endorsement of a Central Bank Digital Currency (CBDC) and evaluations of capital market reforms further solidify Labour’s strategic approach to shaping a vibrant economic future.

Former FCA head of digital assets joins CryptoUK

CryptoUK, the British blockchain trade association, welcomes Binu Paul, former head of digital assets at the Financial Conduct Authority (FCA), as an independent consultant. Paul’s wealth of experience positions CryptoUK for positive enhancements in the blockchain industry. His tenure at the FCA overseeing digital assets regulatory capabilities aligns seamlessly with CryptoUK’s mission to establish the UK as a leading jurisdiction for crypto and digital asset businesses. As the crypto landscape evolves, Paul’s expertise promises to contribute significantly to the industry’s crucial and exciting developments in 2024.

Manageable founder: ‘Build the plane while you are flying’

Inken Thomas, co-founder and chief product officer at Manageable, shares insights into the startup’s journey since its 2020 inception. Emphasizing the importance of proving product-market fit swiftly, Thomas advocates for building the plane while flying—a strategy that embraces agility and responsiveness. Manageable’s commitment to providing tools for effective leadership, backed by AI-powered digital companions, has garnered recognition from clients like UBS, Charlotte Tilbury, and Solivus. Thomas’s pragmatic approach to productivity, acknowledging the variability of knowledge work, reinforces Manageable’s ethos of innovation in skills development for managers.

What Labour’s finance report means for UK tech

Labour’s Financing Growth report unveils a strategic economic plan to catalyze British business growth. The proposed revamp of the British Business Bank, coupled with a focus on regional support, reflects Labour’s commitment to SMEs. In the realm of technology, Labour initiates the development of an AI strategy, emphasizing standards for AI safety and international usage in financial services. The report advocates for BNPL regulation, applauds the success of open banking, and supports the implementation of a Central Bank Digital Currency (CBDC), securing cross-party consensus. Labour’s approach to evaluating progress in capital market reforms and facilitating investments in growth assets demonstrates a holistic vision for a thriving and dynamic UK tech sector.

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