Five fast-growing UK fintechs have become the first firms regulated solely by the Financial Conduct Authority to join the regulator’s Scale-up Unit, in a move published on 7 August 2026.
ClearScore, Modulr, Teya, Urban Jungle and Zilch — spanning payments, consumer finance, credit information and insurtech — will now receive tailored regulatory support to help them “innovate, navigate regulation and grow sustainably”, according to the FCA.
What the Scale-up Unit provides
The Scale-up Unit gives participating firms tailored regulatory support as they develop new products, respond to policy changes and manage the challenges of rapid growth. In the FCA’s own words, insights from a recent pilot with 15 high-growth firms, published on 10 August 2026, “show that early investment in governance, risk management and controls helps firms manage the opportunities and challenges of growth, as well as scale sustainably”.
The FCA notes that the Scale-up Unit sits alongside its existing programmes — Innovation Pathways, the Pre-Application Support Service (PASS) and the Early and High Growth Oversight function — “creating a clear pathway from start-up to scale-up”.
Regulator view
Jessica Rusu, Chief Data Information and Innovation 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.”
Industry view
Modulr, the payments automation platform, confirmed its selection in a statement on 10 August 2026. Founder and CEO Myles Stephenson said:
“The UK has established itself as a leading financial services hub, allowing fast-paced businesses like Modulr to scale. To continue innovating and investing in the future of the UK economy, strong collaboration between industry and the FCA is critical. I am excited for Modulr to work with the FCA and other solo-regulated firms through the Scale-up Unit over the coming months, and to help shape the UK’s already exciting financial services landscape.”
Modulr states that it now processes “more than 200mn transactions and over £180bn in payment value on an annualised basis for more than 6,000 businesses, from fast-growing SMEs to global enterprises”. The company reports it reached profitability in 2025 and recently launched in the US.
Wider context
The Scale-up Unit was announced by the Chancellor, Rachel Reeves MP, at the FCA Forum in Leeds on 24 October 2025, and is jointly delivered by the FCA and the Prudential Regulation Authority (PRA). It supports three tracks: dual-regulated banks and building societies; insurers; and FCA solo-regulated firms.
A first cohort of six dual-regulated firms — Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank and Zopa Bank — was announced by the FCA and PRA in February 2026. Applications for FCA solo-regulated firms opened on 20 May 2026 and closed on 22 June 2026, producing the newly named five-firm cohort.
The FCA also confirms that applications for the next dual-regulated group “will open soon”, and that since the FCA launched its innovation services it has supported “more than 1,000 innovative and growing firms”.
The FCA further notes that ClearScore, Modulr and Zilch are members of the Unicorn Council for UK FinTech, “a coalition established by Innovate Finance which brings together UK-based fintech unicorn founders and CEOs aiming to accelerate growth in the sector”.
