Everything you need to know about UK Tech...
It has been a strangely quiet week in UK tech.
There's only been two funding rounds announced and very little startup news.
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Leaders from the UK's leading fintechs (such as Revolut, OakNorth, ClearScore) have a sent a letter to the Chancellor to try and stop the wealth tax.
The letter, which was sent under Innovate Finance's Unicorn Council for UK FinTech, urged the chancellor not to impose an exit tax and to reverse changes to capital gains tax and inheritance tax rules.
It said that unfavourable tax arrangements may result in reduced investment in UK start-ups, reduced innovation and: "may also delay or result in cancellation of companies' plans to IPO in the UK".
The UK Startup is building an AI software platform to quickly design parts for manufacturing projects in industries such as defence and aerospace.
In June the company announced the UK’s largest defence tech raise with a $135m Series B, from investors including Atomico, General Catalyst and Temasek. The round valued it at almost $1bn.
It's now been announced that the company is going to raise up to $100m from Nvidia, as the US chip giant continues its European startup spending spree.
UK government & Quantum
The UK government is doubling down on its support for the field of quantum with £14m set to back a series of projects finding viable use cases for quantum sensing technology.
The Quantum Sensing Mission Primer awards, funded by Innovate UK, will support more than a dozen projects that demonstrate how quantum-powered sensor technology can transform diverse areas from healthcare to transport to defence.
The UK Fintech is opening a branch in Stockholm as it looks to compete with Klarna and become the dominant fintech in the Nordics.
It already has 2 million users across the Nordics, half of whom are in Sweden, but the aim is to hit 3 million by the end of 2026. Klarna, on the other hand, already serves roughly 80% of Sweden's population.
Chief Growth Officer Antoine Le Nel has stated however, that the expansion isn't just about competing with Klarna, but also taking on traditional Nordic banks that still control most household deposits.
THAT'S ALL
If you liked this you'll LOVE my new newsletter - Scaling Europe. It's a similar format to this but for Europe-wide Tech.
Always insightful Seb Johnson 📊 Thank you.
Seb Johnson 📊Love to have possibility of having a chat sometime
Thanks for Sharing.