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Next generation of Future Fifty startups announced

Tech City UK has announced the twelve new startups to join its Future Fifty programme, as its first graduating class is revealed.

Launched in late 2013, the programme was started to accelerate the success of the UK’s high-growth tech businesses.

The startups involved are pegged to be the next tech behemoths to come out of the UK, and the graduating class includes four companies who have floated in the past 12 months.

Fintech’s year

The new intake includes 6 fintech startups, including Transferwise, GoCardless and Ratesetter, emphasising the sector’s growing importance to UK tech. Finance startups WorldRemit, LMAX Exchange and Algomi also join the programme.

The remainder of the startups range from language learning platform busuu and social giving platform JustGiving to job search engine Adzuna and marketing platform Performance Horizon.

Qubit and Rockabox are the final two to make this year’s list.

Farewell to…

A year on from the programme’s launch, JustEat, Zoopla, Horizon Discovery and all leave the programme having floated this year. Scottish travel comparison startup Skyscanner is also among the graduating startups.

The 50 startups involved in the first year have raised over £260m and are said to employ 15,000 people. Collectively, the companies have generated an estimated £2.1bn in revenue.

Under fire

Future Fifty has come under criticism this year for being more focused on hype rather than results.

OneFineStay’s Greg Marsh told TechWorld earlier this year he was unsure of what Future Fifty had to offer:

“It’s a little bit announce first, figure out the plans second in the eyes of some people.”

Transferwise cofounder Taavet Hinrikus has however celebrated the startup’s inclusion in the scheme.

“In order to keep London as a driving force for both fintech and innovation, it’s important to have good communication with the government,” he explained.

“Tech City UK’s Future Fifty programme is helping startups like TransferWise to do just that.”