FinTech boom sees it becoming London's fastest-growing sector

Charlie Spargo's picture
by Charlie Spargo

London's FinTech scene has proven itself a world leader, with job creation growing by 61% in the last year alone - making it the highest-growth in the city.

A report from recruitment firm Robert Walters and market analysis experts Vacancy Soft shows that E-money firms grew by 51% between 2017 and 2018, and predicts that by next year, more than half of payment service providers in the UK will be digital-only.

The report also outlines the state of the market right now. There are 29 FinTech unicorns, nine of which are in San Francisco, and seven of which are in London. London has cemented itself as a global hub whose strong growth looks set to continue - with the 61% growth figure demonstrating its huge potential.

What's more, the success of the British capital seems to have had a positive knock-on effect - providing an 18% growth in FinTech job creation outside London.

Within FinTech, the roles in highest demand are IT, marketing and PR. However, as if to show the growing maturity of the businesses that make up the FinTech scene, the highest surges in recruitment were for HR, accounting and business support.

Ahsan Iqbal, Director of Technology at Robert Walters, says: “IT continues to dominate the hiring agenda for fintechs, with a third (30%) of roles within the sector dedicated to tech. In 2018, we saw IT vacancies within the fintech space increase by 74% when compared with 2017.

“The increase in demand for IT talent - coupled with Brexit-related concerns - poses the risk of stifling the talent pool. As a result, we are already starting to see salary inflations for IT professionals of around 6-8% - and some pretty impressive buy-back and counter offers.”