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More than 2000 Fintech jobs could be created in North East

fintechstrat

The North East could be home to almost 8,000 FinTech jobs within the next 3 years, with the sector worth £431m gross value added to the regional economy.

This comes from the new regional growth strategy, developed by Whitecap consulting, with the support of key stakeholders across the public, private and education sectors.

It outlines opportunities to create more than 2,000 new jobs in the North East by the end of 2025. The report also says that the number of FinTech firms will nearly double to 81 (from 45).

“We are delighted to publish this strategy to support the future growth of FinTech in the North East,” said Richard Coates, Managing Director at Whitecap Consulting.

“The key to successful implementation will be the way the region takes ownership of the actions and works collaboratively to deliver them. Our analysis shows that the growth of FinTech in the North East over the last 3 years has primarily been driven by tech sector expansion and inward investment success in attracting new FinTech and tech firms to the region.”

The report recommends 3 key strategic priorities: Clear Leadership, Increased Collaboration; and Development of Resources. These are then broken down into specific areas of action.

“Digital and the digital sector is a key component of our economic vision, and our existing investments in skills, infrastructure and innovations are aim to cement our region’s status as one of the most exciting digital economies in the UK and around the world,” added Dr Henry Kippin, North of Tyne Combined Authority.

“The recent success of the FinTech sector showcases the very best of the North of Tyne and wider regional economy; collaboration between public, private and higher education, innovation across sectors and supply chains, and clustering of expertise which proves hugely attractive to inward investment. The work of Whitecap and partners brings to life these intangible characteristics into a strategy with real clarity and ambition that we can, and should all get behind.” 

 

ecosystem


Rachel Burdis, Inward Investment Manager, Invest North East England, continued:

“The North East’s growing FinTech community will greatly benefit from a regional strategy, focused on increasing business activity, funding and sector growth. We have supported this action orientated Whitecap report, which highlights some of the priorities and prospects for this sector, as well as the ecosystem we have here. We look forward to continuing work with local partners on this plan and championing the region, whilst promoting the unique opportunities for investors.”

The project comes following the independent strategic review, Review of UK FinTech, which was published in February 2021. That identified the Newcastle and Durham area as one of the top ten FinTech clusters in the UK. 

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