London is calling to fintech firms all over the world, cementing its standing as a powerhouse on the international stage, but how did it happen?
Uniquely placed to act as a centralised economic hub for the UK, England’s capital produced £5.3 billion in just the first six months of 2022, (Yahoo Finance) outperforming giants like Silicon Valley, Berlin, and Shanghai for the second year running.
As the fintech landscape hurtles towards the future, a looming threat of a global recession, widening skills gaps, and a talent shortage represent an all-too-familiar sense of uncertainty for many.
London proved its thriving fintech infrastructure could weather the worst of COVID-19, and it even experienced continuous growth during the time. From visionary startups to the international titans of industry, the big smoke is home to more than its fair share of fintech success stories.
The lending specialism has been leading the charge in the last few decades, having grown exponentially year-on-year.
Funding Circle (who were fantastic hosts for our Women in DevOps event back in September) is a key player in this space, and the leading SME loans provider in the UK.
Much of the growth in this sector has been largely facilitated by the PRA (Prudential Regulatory Authority) a regulatory body that’s helped many fintech startups receive banking licences over the years, allowing them to invest in other services like the implementation of overdrafts.
London is an Enticing Place for Investors
London’s fintech boom is down to the myriad of global investors it magnetises to its shores every year, the main reason for this being the attractiveness of the city itself.
The large office blocks boast sustainable real estate options, the environment of innovation is enticing, the GDP growth represents stability, and the accessibility options, combined with a desirable rule of law and an advantageous time zone all make for a highly inviting prospect.
The digital revolution has a large role to play in London’s rise to fintech prominence, embracing tech-enabled, innovative product solutions to pave the way for the modern client – Starling’s on-the-go business account checking app and transfer service is one prime example.
The driving force behind digital innovation in this space can be partly attributed to the world-class talent occupying a large portion of the UK’s fintech roles, a result of the international approach to hiring that’s been adopted by many companies.
True innovation is inspired by diversity, and despite the great progress made, the fintech sector still suffers from homogeneity in many cases, for example, less than 30% of the UK fintech workforce is made up of women (Deloitte, 2022).
London’s expansive talent pool is home to tens of thousands of the brightest minds in fintech, and thanks to our exclusive network, our recruiters are able to pinpoint the best of the best in the current market.
Here at Broadgate, we have a wealth of experience in offering finance recruitment solutions, and we take a DEIB-led (diversity, inclusion, equity, and belonging) approach to matching the candidates to the perfect opportunities.
Whether you’re building a permanent team from the ground up to help your business prepare for the future of fintech, or you’re hoping to secure a top-tier contractor to develop your project on a moment’s notice, we’re here to help.
If you have any questions, please get in touch with us today, our specialist consultants can provide a bespoke service to fit your unique needs.