Five new firms have joined the FCA’s Scale-up Unit, a programme designed to help financial businesses innovate and grow safely.

ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and insurance are the latest cohort to join.

The FCA says its Scale-up Unit gives firms “tailored regulatory support as they develop new products, respond to policy changes and manage the challenges of rapid growth”.

The first cohort of six firms comprising Allica, ClearBank, Monument, Nottingham Building Society, OakNorth and Zopa, joined in February.

FCA chief data information and innovation officer Jessica Rusu says: “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.”