Greater Manchester’s billion pound fintech sector Prolific North
Greater Manchester’s technology sector is the largest outside London and could be worth £1 billion by the end of the year.
The latest fintech report by Whitecap Consulting said the region employs 10,000 people in 240 firms.
“The growth of the FinTech sector in Manchester over the last few years is phenomenal, but I am not surprised by the new data as I have seen first-hand how significant and active the FinTech ecosystem is in this region,” said Chris Sier, Chairman. FinTech North.
“With established financial institutions, startups, scaleups, investors, universities and support services all very active, all the key components are in place for continued growth of this vibrant sector in the region.”
The research project took place over the last few months with support from Bruntwood SciTech, GFT, MIDAS, Slalom, Vialto Partners, University of Manchester, Rise, made by Barclays, pro-manchester and FinTech North.
It showed that fintech in Greater Manchester has grown by 67% over the past 3 years. The region is particularly strong in payments, lending, wealth technology and accounting.
“Greater Manchester’s Fintech status is a clear representation of how our city region is working in partnership with our long-term digital and innovation strategies,” added Joe Manning, CEO of MIDAS, Manchester’s Inward Investment Agency.
“Start-ups and scale-ups are vital to the future growth of our economy and we look forward to building on this excellent report by continuing to leverage our recognized technological capabilities and exceptional talent in the UK’s most liveable city.”
This latest research follows the 2021 Kalifa Review, which looked at the growth of fintech across the country. It identified the Manchester-Leeds cluster as one of 3 “established” clusters outside the capital. It also recommended the creation of the Center for Financial Innovation and Technology (CFIT), which was launched in late February.
“The results of the Manchester FinTech Ecosystem Report 2023 are impressive. I look forward to working with the financial services and technology sectors in the region and across the UK to drive international FinTech growth, attract talent into the FinTech sector and ensure better outcomes for consumers and small and medium-sized businesses. It is vital that we continue to strengthen the links between industry, academia, government and regulators to support this exciting sector, and ensure its impact is felt up and down the country,” said Charlotte Crosswell OBE, Chair, Center for finance, innovation and technology (CFIT).
