The UK's financial watchdog, the Financial Conduct Authority (FCA), is offering additional regulatory support to five British scale-up firms. Zilch, Clearscore, Modulr, Teya, and Urban Jungle are the first companies regulated solely by the FCA to join its new Scale-up Unit.
This unit provides each firm with a dedicated FCA contact to assist with questions as they grow. Support includes guidance when launching new products or making business changes in response to evolving regulatory rules.
Philip Belamant, chief executive and co-founder of Zilch, described their selection as "recognition of what we've built." Jessica Rusu, the FCA's chief data, information and innovation officer, stated that "high-growth firms play a vital role" in the economy.
The FCA has had a secondary objective to support UK growth and international competitiveness since 2023. This closer relationship does not mean less scrutiny for the companies, as the FCA is tightening rules in parts of the consumer finance market, including the buy now, pay later sector where Zilch operates.