Digital and technology companies received £39.9m of the roughly £50bn in support provided by UK Export Finance (UKEF) over the past five years, equivalent to 0.08 per cent of the total, according to analysis published today by law firm Sullivan & Worcester.
The firm, which reviewed five years of UKEF data for International Trade Week, found that tech businesses were the least likely of any sector to receive support from the government’s export credit agency.
Aerospace and automotive manufacturing together secured 62 per cent of the total, or £31bn, since 2020, the analysis found.
Of 2,271 transactions over the five-year period, Sullivan & Worcester said it could identify only 78 as involving tech businesses.
The size of support was also smaller. Across all sectors, the average transaction liability carried by UKEF was £22m, the firm said. For digital and technology companies it was about £511,000.
UKEF provides guarantees to help businesses access trade finance facilities and insurance against non-payment, and supported businesses must meet a minimum level of turnover from international sales, according to government guidance.
Using Dealroom data, Sullivan & Worcester identified more than 12,000 companies headquartered in the UK that it said may meet the eligibility criteria for some of UKEF’s products.
The firm said most tech businesses follow a default route of raising money domestically before turning their attention to the United States once growth accelerates. It argued that companies with global income could instead use UKEF support to raise substantial funds without giving away equity.
Sullivan & Worcester said the growth of AI and the rising number of capital-intensive, science-based companies in the UK made it timely for scale-ups and investors to understand alternative funding routes.
The law firm pointed to UKEF’s £130bn of financial capacity as evidence that the agency could do more to help the UK retain and scale technology companies through greater awareness of its services. That capacity was reached in June, when UKEF created a £50bn Defence Export Fund and raised its total limit from £80bn.
In its most recent annual results, UKEF reported that it provided a record £14.5bn in loans, guarantees and insurance in 2024-25, supporting 667 UK firms.
Ben Williams, partner at Sullivan & Worcester, said: “The UK excels at creating companies but struggles to scale them. A shortage of growth capital and a risk-averse investment culture encourage many of its most promising businesses to relocate abroad, particularly to the USA, or sell before reaching their full potential. The UK therefore loses much of the long-term economic and strategic value they generate.”
He added: “UKEF is well placed to help change this. With significant financial capacity, a proven public-private risk-sharing model and extensive experience supporting internationally ambitious businesses, UKEF could become a critical source of growth capital for high-growth technology companies, helping the UK retain and scale its next generation of global champions.”
UKEF said it wanted more tech businesses to know what was available to them.
Carl Williamson, director of SME and trade finance and co-head of business group at UKEF, said: “We know tech companies are some of the most international businesses in the country, often selling to customers overseas from day one, and we want more of the UK’s ambitious firms to know what support is available to them.”
He added: “UKEF is here so that businesses of all sizes can meet their international ambitions, getting support to win contracts, fulfil orders and get paid.”
In May, UKEF announced a partnership with broker Finance for Forces to help veteran-led small businesses obtain short-term export finance, such as working capital guarantees and export insurance.
