The fintech industry in Greater Manchester has grown rapidly in recent years, with a recent report highlighting it as the largest outside of London.

The fintech industry in Greater Manchester has experienced rapid growth and development in recent years. A recent report claims that the region’s fintech industry is the largest outside of London, employing over 10,000 people and expected to bring in more than £1 billion this year.

Whitecap Consulting’s most recent Greater Manchester FinTech Ecosystem Study 2023 provided local perspectives on Manchester’s performance. At Bruntwood SciTech’s No. 1 Circle Square location in Central Manchester, the launch took place on Friday.

Report’s key points

More than 152,000 people are employed in the financial services and technology sectors by the over 14,000 companies based in Greater Manchester. The region’s gross value added (GVA), a measure of economic activity, has increased dramatically by £540.6 million, to £905.0 million, in the fintech sector.

Since 2020, there have been 124 fintech startups and scaleups in the area, a 218 percent rise. A total of 147 fintech companies are established in the area, an increase of 133% from three years earlier.

By 2023, it is anticipated that 240 businesses would employ 10,000 people in fintech-related jobs and contribute £1 billion to the local economy. Payments, financing, wealth technology, and accounting are key competencies.

Seven fintech unicorns, or one-fifth of the UK’s domestic unicorns in the field, are present in the area.

The Centre for Financial Technology Studies was created by the University of Manchester in 2022. It provides a wide range of specialized courses and research topics and serves as a knowledge and research hub for financial technology breakthroughs.

The geographic distribution of fintech companies in the area is expanding. Just 55% of fintech companies are now situated in Manchester’s city center. For 13% of the environment, Stockport has experienced the most development and characteristics.

Using London

The study advises Manchester to take advantage of engagement opportunities through institutions like the City of London Corporation and the Center for Finance, Innovation & Technology (CFIT).

Nicholas Lyons, the Lord Mayor of the City of London, concurs that it is “a worthy challenge.”

In the report’s launch event, Mr. Lyons challenged the City of London to work more with the North West. I’m visiting banking and IT leaders in Manchester for the second day. I’ve seen Manchester’s financial technology development potential.

Your region’s 14,000 financial services and technology enterprises, including startups and major banks, employ about 152,000 people. At the end of this year, we may anticipate that the sector’s GVA will total one billion pounds. This is a great success story for the UK as a whole, not just for Manchester and the north. And I want to thank you all for your efforts that got us here.

Chris Sier, FinTech North chairman, commended the Lord Mayor’s focus on Manchester.

“This new report’s launch was notable in a number of areas,” Sier said. It gave us a platform to convey the story of Greater Manchester’s fintech industry’s amazing growth and reach, and it was the Lord Mayor’s first FinTech North event as a guest speaker.

Charlotte Crosswell OBE, chair of the new Centre for Finance, Innovation & Technology, stressed better links in the report’s prologue (CFIT). “We must strengthen corporate, academic, government, and regulator ties to develop this exciting sector and ensure its national impact.”

Ways to enhance

Funding – Manchester is a significant financing hub, but navigating regional funds can be difficult. Several founders choose to seek to London or the US for funding because investors in these countries are usually more aligned with early-stage fintech investment opportunities.

“Money is the most crucial factor for most organizations,” says Frost inventor and CEO Pawel Oltuszyk. Manchester should rival London for international investment to help startups. More might be done to promote the area as a great place to live and work.

The Whitecap research suggests coordinated support for startups and scaleups to navigate the market and locate investors. In order to exchange knowledge and expertise, founders should interact with and help other founders and business owners.

Better collaborations – Although there is a willingness to collaborate, the analysis shows that it can be challenging to forge lasting alliances due to problems on both sides.

For instance, while some major names in the financial services industry have implemented assistance initiatives, “little evidence of mid-sized enterprises cooperating, while many entrepreneurs need to increase their awareness of regulatory considerations,” according to the report.

The study suggests larger organizations regionalize national initiatives and allow fintech companies to help local fintech ecosystems.

Additionally, it suggests putting more of an emphasis on cooperation in event forms and encouraging more accelerator and innovation activity.

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