20% surge in-demand during lockdown
UK fintech market-With a 53% growth in the last three years, an active fundraising scene, and a 20% surge in-demand during lockdown – fintech has become the poster-boy for how an industry can be in a position to respond quickly to change and opportunity.
According to recruiter Robert Walters Fintech: Challenger to Competitor, these are the four factors driving the fintech market forward:
- Prolific fundraising: Fintech investment in the UK has exploded by 500% in the last three years, compared to 170% for the USA and 133% for Europe.
- Geography: London has built a name for itself as the most reliable fintech hub, with the City receiving 80% of the total fintech funding that comes into Europe. In the UK, fintech remains London-centric, where the growth vacancies has primarily taken place in the capital (+16% since 2019, and +53% since 2017).
- Ability to remote work: 85% of fintech firms were able to transition to remote working immediately due to their investment in tech, compared to a national average of 71% of firms who were prepared for instant home working.
- Strategic hiring: Traditional banks are now following the fintech model by ramping up recruitment of tech professionals to make up a third of their workforce. Whilst banks now contend with a skills shortage, the fintech sector has been aggressively hiring tech specialists for the past three years whereby they now make up 46% of the sector.
Tom Chambers, Senior Manager – Technology at Robert Walters comments:
“Fintech’s have done a tremendous job of creating an entrepreneurial culture – encompassing fast-thinking and implementation, cross-department collaboration, true flexi and agile working, and soft-benefits geared around wellbeing.
“In no other industry does the product design, tech, marketing and finance departments work as seamlessly together as they do in a successful fintech company.