10 Best SaaS Companies in UK in 2024
The SaaS market has been one of the fastest-growing sectors in the world, and this is where the UK comes into play. Furthermore, 9% of high-growth companies are SaaS firms in the UK, making it a great area for entrepreneurs and investors to put their money. In this piece we will go over the top ten SaaS companies in UK in terms of innovations they have brought about, funding received as well as their overall contribution to that market.
What is Software-as-a-Service (SaaS)?
This is where internet or cloud-based software applications offer specific types of services or functions. These providers still keep on hosting, updating and upgrading their products aimed at improving continuous user experience. Fintech, big data, AI (Artificial Intelligence), e-commerce, HRM (Human Resource Management), CRM (Customer Relationship Management), web development, social media and email marketing automation, ERPs (Enterprise Resource Planning) as well as project management among other industries are all served by saas.
Major Players in the SaaS Industry
On a global scale several successful companies fall under the category of software-as-a-service including Adobe Systems Incorporated., Atlassian Corp Plc., Dropbox Inc., HubSpot Inc., Mailchimp Inc., Microsoft Corporation., Shopify Inc., Zendesk Inc etc. Among other things happening within this particular industry sector UK based saas businesses have made significant strides too. Thus here’s our compilation of top 10 saas firms to watch out for in 2024:
- Checkout
Total amount raised: £1.36 billion
Total equity rounds: 4
Established: 2012
Location: London
Checkout.com makes software that enables businesses to accept online payments from various currencies worldwide. It has 20 offices globally serving clients like Pizza Hut, H&M and Revolut among others. So far Checkout.com has secured £1.36 billion worth of equity financing from investors like Blossom Capital, Insight Partners, Tiger Global Management and Altimeter Capital. Checkout.com has acquired four companies that have improved its capabilities in verifying identity and other fields.
2. Starling Bank
The amount of money raised in toto: £715m
Total equity rounds: 9
Year founded: 2014
Location: London, UK
Starling Bank is a provider of an app-based current account that incorporates real-time banking and visual budgeting tools. Its core technology is also offered as SaaS via ‘Engine by Starling’. So far, it has secured £715 million equity funding and was awarded a £100 million grant by the Capability and Innovation Fund. The main investors are Fidelity Investments, Goldman Sachs Growth Equity, Merian Global Investors Ltd., and Qatar Investment Authority.
3. Improbable
The amount of money raised until now: £664m
Total equity rounds: 7
Year founded: 2012
Location: London
Improbable designs software powering virtual reality worlds and metaverse simulations for entertainment firms or defence sectors. The company has so far received £664 million in its equity financing along with a grant worth £1.49m .Over time it has acquired three companies to strengthen its science and defense positions.
4. Thought Machine
The sum of all money raised up to date: £398m
Total equity rounds: 7
Year founded; 2015
Location; London
Thought Machine supplies banks with a cloud-based platform for managing different financial systems and products. Up till now, it has obtained a total of £398 million in equity funding which includes notable investors such as Playfair Capital, IQ Capital Fund, Molten Ventures JPMorgan Chase & Co., British Patient Capital PLC’s Morgan Stanley as well.. Additionally, they have been expanding into Asia Pacific where they have been recognized on several lists featuring high-growth businesses.
5. Teya (SaltPay)
Amount raised: £358m
Number of equity rounds: 2
Founded: 2019
HQ: London
Teya provides payment processing and point-of-sale technology to merchants. The company has made acquisitions and raised £358 million in equity financing, backed by investors like Base Partners, Hedosophia and Tiger Global Management. Notably, there have been recent appointments of Lawrence Hene as Chief Commercial Officer and Chris Allen as Head of Commercial Operations.
6. Zepz
Amount Raised: £528m
Total number of equity rounds: 10
Year Founded: 2009
Location; London
Zepz is famous for its payment brands WorldRemit and Sendwave which allow immigrants and expats to send money overseas. The firm has gotten $528m from venture capital funding with Accel; Farallon Capital Management; Technology Crossover Ventures (TCV) among the investors who participated on it. They serve more than four million people across the world in more than a hundred countries.
7. ClearBank
Amount Raised In Funding Rounds Till Date-£348 Million
Total Number Of Equity Rounds-6
Since-Inception Year-2005
Bristol-based Start-up Bank ClearBank offers banking services that extends beyond individual account holders to businesses at large. To date, the firm’s total amount invested through equities amounts to approximately £348 million plus grants worth £85 million. Major stakeholders of Clearbank are Apax Digital, CFFI UK Ventures, PPF Group etc.
8. Monese
Amount raised in total: £185 million
Number of equity rounds outstanding: 8
Established: 2013
Location: London
A variety of foreign currency bank accounts can be opened through a mobile app and cloud platform offered by Monese which targets emigrants and immigrants. The company has raised £185m in equity funding, and also collected £883k in grant funding. Some of the notable investors are Paypal, Future Fund, Outrun Ventures, QVentures, Seedcamp and HSBC Ventures.
Wagestream
Total amount raised: £194 million
Total number of rounds done so far for equity deals: 6
Established: 2013
Location: Westminster
Wagestream offers employees the means to track and manage their paychecks using a software system that is connected with payroll systems including mobile apps. Since its inception, it has managed to raise £194 million through equity financing, one acquisition made on Keebo during October 2023 among others activities. It featured on several high-growth lists as well as attended the Future Fifty accelerator before transitioning to RateSetter or Zopa in recent years.
Transparent
Total amount raised: £7.7 million
Total equity rounds: 2
Established: 2022
Location: London
Translucent sells an accounting platform that works with existing financial apps and systems to bring together all the financial information in one place. Translucent has secured two equity funding rounds, raising a total of £7.7 million which was participated by investors like LocalGlobe and Chalfen Ventures.
The Future of SaaS Companies in the UK
Technological developments, greater digitalization, and increasing reliance on cloud-based solutions are expected to continue pushing up expansion trends in the UK’s software as a service industry [1]. Businesses have acknowledged the advantages of SaaS such as cost effectiveness, scalability and accessibility. Consequently, data security and privacy is going to be more significant because SaaS providers must enforce strict security measures that comply with regulations.
In order for SaaS companies to maintain competitiveness innovation and differentiation will be critical [1]. Thus, for success stories they have to involve themselves into cutting-edge technologies development solving industry-specific problems through exclusive ways of working as well as adapting to changes in market conditions.
Conclusion
The British SaaS market is vibrant and diverse with firms offering different solutions across sectors. These companies range from established ones like Checkout.com or Starling Bank to emerging startups such as Translucent; but regardless of their origins, they drive progress within the industry by creating innovative products/services [1]. In addition it should not be forgotten that these businesses also might become major players shaping the future landscape of software-as-a-service in Britain and beyond over time.
