Monday, June 17, 2024 05:01
| Updated:
Friday, June 14, 2024 6:18 p.m.
London is behind the increase Fintech recruitment in the UK This year, data shared exclusively with City AM shows that start-ups are looking to grow quickly as investment rebounds after a few difficult years.
Fintech is the top performing category within UK financial services in terms of job vacancies in 2024, according to a report by recruiter Morgan McKinley and data firm Vacancysoft.
He predicts that if the current pace of recruitment continues, number of vacancies in the fintech sector will be 37% higher in 2024 than in 2023.
The capital leads the way, with a 61% year-on-year increase in fintech job postings between January and April.
The IT sector is the biggest recruitment sector, with 41% of vacancies. Two-thirds (67%) of these roles are based in London, the highest share in the capital for five years.
Technology job vacancies increased by 41%, led by development and engineering positions. IT security recruitment slowed, with an 8% increase.
London also saw an 87% increase in risk and compliance vacancies. Nationally, vacancies are expected to increase by 43% this year.
The report named Fidelity National Information Services (FIS), Starling Bank, Deel and Checkout.com as the companies with the most vacancies so far this year.
The figures come as fintechs eye a rebound in funding in 2024 after an interest rate-fueled decline in investment over the past two years.
The UK has been particularly hard hit, with a torrid 2023 seeing investment in the country’s fintech sector down by more than a third compared to the previous yearshow KPMG data.
However, in the first three months of 2024, fintech companies have reclaimed the top spot for investment in UK start-ups after raising $1.4bn (£1.1bn) in funding across 73 rounds, according to Trading room and HSBC.
The biggest deals have been seen Monzo digital bank $610m (£490m) in new funding this year and Flagstone Savings Platform secured £108m from a US private equity fund. Both firms are based in London.
“As we navigate 2024, the fintech sector is experiencing dynamic shifts in hiring, driven by technological advancements, regulatory changes and evolving consumer behaviors,” said Victoria Walmsley, Managing Director at Morgan McKinley.
“Companies are seeking expertise in AI, machine learning and data analytics, as well as compliance and risk management. The continued push toward digital banking and increased cybersecurity threats are key drivers of these trends.
“In the future, emerging technologies like blockchain and the Internet of Things will drive demand for specialized talent. The fintech sector is poised for sustained growth, with opportunities for remote and international talent.”