Five fast-growing financial services firms have joined the Financial Conduct Authority’s Scale-up Unit for tailored regulatory support.

ClearScore, Modulr, Teya, Urban Jungle and Zilch operate across payments, consumer finance, credit information and insurance technology.

They are the first businesses regulated solely by the FCA to enter the programme, which is intended to help growing firms develop products, respond to policy changes and strengthen their regulatory frameworks.

A further six firms jointly regulated by the FCA and Prudential Regulation Authority joined the unit’s first cohort in February.

GOVERNANCE CRITICAL TO GROWTH

The Scale-up Unit provides participating firms with individual support as they navigate regulation and manage the operational challenges associated with rapid expansion.

Findings from an FCA pilot involving 15 high-growth businesses indicated that firms were better placed to grow sustainably when they invested early in governance, risk management and internal controls.

The regulator said rapidly expanding businesses should ensure their leadership, systems and compliance arrangements continued to develop alongside their customer numbers and product ranges.

Jessica Rusu, chief data, information and intelligence 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.”

NEXT COHORT PLANNED

The FCA said applications for the next group of firms would open shortly.

More than 1,000 innovative and growing businesses have received support through the regulator’s innovation services since their introduction.