Manchester is second only to London in Financial Technology sector

Stephen Chapman's picture
by Stephen Chapman

The growing FinTech sector in Manchester, means that the city is the largest financial services hub outside of London.

This came out of a conference, taking place at London’s Canary Wharf, where banking giants and start-ups discussed a “post-Brexit” financial sector.

“The UK is the global capital of FinTech and over the last few years we’ve seen it grow from its disruptive roots into a £6.6bn tour de force, employing around 61,000 people,” explained Jeffrey Tijssen, managing principal and head of FinTech & digital partnerships at Capco Digital.

“Digital technology’s prominence is radically influencing today’s consumer habits and how we operate professionally. It dominates how we arrange our finances, communicate, shop and consume information therefore, our FinTech industry has no signs of losing pace despite the uncertainties that the EU Referendum result brings.”

The UK attracted the second highest amount of FinTech funding in 2015, behind the US. It was behind just the US and China in terms of volume invested. In Manchester, that’s led to strong growth, particularly for start-ups.

“This convergence of Manchester’s two largest industries, financial services and digital technology, has resulted in a growing cluster of FinTech businesses; from well-established companies supporting the financial services, to smaller firms developing novel solutions and disrupting current business models. We have seen particular growth in FinTech firms specialising in payments,” explained Tim Newns, chief executive of MIDAS.

“Manchester has a proven track record of supporting FinTech investments complemented by a high-calibre of talent. The strength of Manchester’s digital infrastructure means it attracts fast-growth SMEs like AccessPay and Crowdcube to establish and grow their technology footprint. By the end of this year, The Vault, a new hub for innovative companies, SMEs and start-ups will take up residency on the Spinningfields site at XYZ. This combined with spaces such as Rise, Manchester, has led to an emerging FinTech cluster in the region.”

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