Ollie Sexton, Principal Consultant at Robert Walters highlights the top trends he sees coming out of the UK Fintech sector this year.
1. Fastest growing sector
The sector created 61% more vacancies in 2018 compared to 2017 - making it the fastest growing sector in the London economy. The growth is also felt at a regional level, where job creation increased by 18% last year.
London is outpacing Europe in terms of fintech growth.
In fact, between 2017-18 job creation increased by 100% in HR, accounting, and business support roles, by 74% for IT positions, 48% in banking-specific roles, 40% in legal, and 16% in both insurance and sales
2. UK outpacing Europe in fintech growth
Over a third (39%) of European Venture Capital funding into fintechs goes to the UK, almost double than what any other European city receives.
The top 10 European cities for VC Fintech funding are: Berlin (21%), Paris (18%), Stockholm (5%), Barcelona (4%), Amsterdam (4%), Zurich (3%), Copenhagen (2%), Dublin (2%) and Cambridge (2%).
3. UK on-track to become global Fintech hub
The growth of the fintech sector has been so explosive that the UK now has the second largest concentration of fintech start-ups. Of the 29 fintech unicorns* worldwide (*companies worth more than $1 billion), nine are in San Francisco, while seven are housed in the UK.
4. IT roles the most in-demand
IT is now constituting over 30% of professional roles in the sector, up from 24% in 2017, with this projected to increase further.
In fact, demand is so rife that salaries have increased by between 6-8% in certain key specialisms – most notably in software development.
Following IT, Marketing and HR are the most in-demand functions within Fintech.
5. Lines blurring between traditional Banking and Fintech
With the rise of the fintech unicorns, and e-money firms growing by 51% from 2017-18, the banking sector has woken up and started to adapt to the new paradigm.
Banks are now utilising the latest technologies to streamline, resulting in a new wave of change, from closing branches to mobile-based payments. We will now see the line between fintech and traditional banking become increasingly blurred - especially given the fact a fintech company is now able to get an EU banking license allowing them to guarantee customer deposits.
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For more information about the fintech hiring market, please contact Mat Knutton at firstname.lastname@example.org