Here’s how coronacrisis has affected UK startups
Over 1K UK tech startups collapsed amid pandemic: report. Source: pixabay.com
ComputerWeekly.com reports that among the UK’s 30,000 startups, a total of 1,067 have filed for administration, liquidation, or dissolution since lockdown.
Of these, 273 fast-growth companies made filings in September alone making it the highest monthly figure for a decade. In fact, that’s a 181% month-on-month increase from August.
Besides, nearly 388 of the startups that have gone into administration since March were based in London. It also recorded a 217% rise in filings between August and September.
Meanwhile in Scotland, 48 startups filed in September, just under half of the entire number of filings made since the start of April.
According to Andrew Roughan, Plexal managing director, filings were kept artificially low at the beginning of the pandemic by government support schemes. However, their effect is starting to disappear.
We’ve reported that Curve has collaborated with UK core banking technology provider Thought Machine to power its new credit and loan offering, Curve Credit.
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