fintech

What Is a Fintech and Which UK Fintechs Are Regulated?

Defining Fintech

Fintech (financial technology) refers to companies using technology to deliver financial services — or to improve how those services are delivered. The term is broad: it covers everything from digital banks (Monzo, Starling) to payment processors (Stripe, SumUp), investment apps (Freetrade, Nutmeg), insurance platforms (Lemonade), and money transfer services (Wise, Remitly).

Why Regulation Matters

Not all fintechs provide the same level of consumer protection. The key distinction is authorisation type — what regulatory permission a firm holds determines what it can do and what protections you have as a customer.

Key FCA Authorisation Categories

Full banking licence: Monzo, Starling, Revolut UK, Chase UK — your deposits are FSCS-protected to £85,000
E-money institution (EMI): Wise, Revolut (pre-UK bank licence on some accounts) — funds are safeguarded in segregated accounts but not FSCS-protected
Payment institution: Stripe, PayPoint — handles payments but does not hold your money
Investment firm: Freetrade, Nutmeg — FCA-regulated for investment activities, with separate FSCS protection for investment products

How to Check If a Fintech Is Regulated

The FCA Financial Services Register at register.fca.org.uk allows you to search any firm name and see exactly what regulatory permissions it holds. This takes 30 seconds and tells you definitively whether a firm is authorised and what protections apply.

Red Flags of Unregulated Fintechs

Promises of unusually high returns with no risk
Not appearing on the FCA register
Pressure to invest quickly or recruit others
No clear physical address or company registration

Always check the FCA register before entrusting any money to a financial services provider you haven't used before.

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