Five standout scaleups from the UK have made it into TECH5 — the “Champions League of Technology.”
The selections complete the UK and Ireland regional round of the tournament, which will now crown Europe’s hottest scaleup.
Both Ireland and the UK had no shortage of contenders. Each nation boasts impressive digital track records.
The UK is often regarded as Europe’s leading tech hub. The country has a thriving ecosystem of startups, a strong investment landscape, and a world-class talent pool.
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Last year, the country retained its position as the number one destination in Europe for tech investments, raising €17.5bn. London dominates the sector, forming a “golden triangle” with Cambridge and Oxford that powers a formidable innovation engine.
Ireland has also enjoyed a stellar run of tech success. The progress has been partly driven by low corporate tax rates, which have lured many Silicon Valley giants to its shores.
A skilled workforce, strategic location within the EU, and strong government support have also laid fertile grounds for homegrown tech firms. They range from Dublin unicorns LetsGetChecked, Workhuman, and Wayflyer, to payments giant Stripe — one of the world’s most valuable private tech firms.
This year’s TECH5 picks from the region, however, are all based in the UK. London dominates the list, providing a base for all but one of them.
TNW’s judges selected the top five based on their growth, impact, and future potential. In no particular order, let’s meet them.
Allica Bank
Allica Bank has enjoyed a remarkable rise since launching in 2020. Last year, the fintech was Britain’s fastest-growing business, according to the Sunday Times. It also earned the top spot in Sifted’s rankings of European startups with the highest percentage revenue growth.
Allica was recently highlighted by UK Chancellor Rachel Reeves as a star of the British fintech scene. Ravneet Shah, the scaleup’s Chief Technology Officer, attributes the company’s success to its distinctive approach to business banking.
“Our ambition is to empower established businesses with technology that’s user-friendly, scalable, and specifically built to handle their day-to-day financial needs,” Shah told TNW.
“We believe that this segment has long been underserved by legacy systems and processes, which were never designed with these businesses in mind.
“By tailoring our services to this often-overlooked segment, we believe we can help them become more confident in managing their finances, allowing them to focus on growth, innovation, and long-term success.”
PolyAI
PolyAI is on a mission to create the world’s most lifelike AI voice agents. Designed for call centres, the AI agents manage customer service inquiries for companies including Volkswagen, Marriott, and MetroBank.
PolyAI says clients receive customised voice assistants in six weeks or less. The finished products promise engaging experiences that feel like talking to a real person.
CEO Nikola Mrkšić, who previously worked on Apple’s Siri voice assistant, co-founded PolyAI in 2017 with fellow University of Cambridge machine learning researchers. Last year, their company closed a $50mn (€38mn) funding round at a valuation of close to $500mn (€380mn).
“We want to make people fall in love with voice assistants because [calling] is still the main way people interact with businesses,” Mrkšić told the FT. “It’s been very sticky and has stayed past a digital transformation elsewhere.”
Mrkšić envisions huge growth, predicting that up to 75% of customer interactions could be automated with AI.
Artios Pharma
Artios Pharma is a pioneer of a rapidly advancing approach to cancer treatment. The company develops drugs that target DNA damage response (DDR), which cancer cells rely on to repair genetic faults and resist treatment.
By targeting tumours through DDR, Artios aims to kill cancerous cells while sparing healthy ones. The technique has proved immensely promising in tests. Last month, Artios reported that its lead drug had shrunk a subset of tumours in an early-stage trial.
Investors have taken note. Artios has raised over €261 million so far, according to Bounce Watch data.
Our sole contender in the region from outside London, Artios is based in Cambridge.
Founded in 2016, the company boasts impeccable credentials.CEO Niall Martin, PhD, and CSO Graeme Smith, PhD, were involved in the invention of AstraZeneca’s Lynparza, a blockbuster DDR drug that has been hailed as a “revolutionary” cancer treatment.
Zilch
Zilch has introduced a new approach to Buy Now Pay Later (BNPL) purchases. The payments are interest-free and subsidised by ads, with rewards for purchases and no late fees.
The company also promises to only lend what users can afford. To encourage responsible spending, Zilch provides customers with tools to keep them on top of purchases.
Founded in 2018, the London-based business has quickly grown into one of Europe’s leading scaleups.
In 2021, the fintech became one of the fastest companies in the continent to reach unicorn status. Last July, Zilch announced it had also turned profitable. Over 5 million customers are registered with the scaleup.
The rapid rise has earned the company multiple accolades. In the last few months, Zilch was named the fastest-growing unicorn in Britain, won “Financial Institution of the Year” at the City AM Dragon Awards, and joined Allica Bank in earning praise from Chancellor Reeves.
Veremark
Veremark has created a background screening platform for hiring and appraisals. The system aims to find clients the best talent — and reduce recruitment risks.
The platform offers an alternative to traditional screening approaches, which are often costly and prone to being skipped.
Founded in 2019, Veremark automates and digitises these processes. The result, the scaleup says, is faster and more insightful checks that comply with regulations. As well as prospective hires, the system can screen existing staff, business partners, limited partners, and founders.
The company also recently launched a blockchain-based “career passport” for candidates to manage their verified credentials.
“We’re building Veremark to become the world’s most trusted platform for verifying professional integrity,” the scaleup told TNW.
“In a time where trust is more important — and more fragile — than ever, we help businesses make better people decisions by giving them confidence in who they’re hiring and working with.”
What’s next for the TECH5 scaleups?
The Irish and British scaleups will compete for the TECH5 title with rivals from six other regions: the Baltics, Southern Europe, France, Benelux, the Nordics, and DACH.
This summer, the winner will be crowned as Europe’s hottest scaleup.
The coronation will take place at TNW Conference on June 19 and 20 — and you could be there to witness it. Tickets for the event are now on sale. Use the code TNWXMEDIA2025 at the checkout for 30% off.