Welsh fintech has reached new heights with a £70m investment surge and dynamic industry growth, according to FinTech Wales’ latest report. It offers an in-depth look at the sector’s growing influence, from significant job creation to a notable increase in global expansion and innovation efforts.
FinTech Wales, the independent association supporting the fintech and financial services sectors in Wales, details the substantial economic impact of the sector, highlighting a contribution of around £1.6 billion in gross value added ( VAB) to the Welsh economy.
A notable increase in investment and employment numbers is reflected in the growing number of people employed in the financial and related professional services sectors in Wales, which increased from 64,000 to 73,000 over the past year. The fintech sector now employs around 13,000 people, an increase of 15% since 2021.
“It’s wonderful to see the continued growth and evolution of Welsh financial technology industry was highlighted,” said Sarah Kocianski, CEO of FinTech Wales. “The last 12 months have shown us more innovation, more creativity and more inspiration than ever before. That said, there is always more to do to ensure our ecosystem continues to thrive, and with the recommendations in this report, we have a plan for how to get there.
Wales Fintech Annual Report 23/24
Published annually since 2021, the last report provides an in-depth overview of the fintech sector in Wales. In particular, it examines investments, skills, industry trends and ecosystem growth, and makes recommendations for the future.
In 2023, fintech funding in Wales jumped to around £70m, a significant increase from £13m in 2022, reflecting a global upswing in fintech investment. Notable contributions included major series of Currency cover And Signature real estate financingeach raising around £30 million.
The positive trend continued into 2024 with several Welsh fintechs securing funding, such as Mazuma, which received a multi-million pound investment, and Monzo, secure £350 million from investors, including Google Business.
Cardiff remains the UK’s second largest insurance hub after London, with the city and surrounding areas employing 8,550 of the above 73,000 people in the sector, up from around 6,000 in 2022.
The report also reveals FinTech Wales’ commitment to strengthening career opportunities and diversity in the sector. It highlights efforts to connect job seekers to more than 150 live monthly job postings and addresses supporting workers impacted by local layoffs through specialized career events.
Sarah Williams Gardener, chair of Financial Technology Wales also stated in the report: “The Welsh financial technology The sector is thriving, with £70 million of investment in 2023, an increase in seed and early-stage investment in 2024, 13,000 jobs, £1.6 billion of economic contribution, multiple acquisitions and expansions international organizations — it’s a testament to the power of innovation, collaboration and globalization. ambition.
“While these achievements are remarkable, much remains to be done to unlock our full potential. Together we are building a world-class company financial technology a hub that stimulates sustainable economic growth and innovation.