Greater Manchester’s tech sector is the largest outside of London and could be worth £1bn by the end of the year.
The latest fintech report from Whitecap Consulting said that the region employs 10,000 people in 240 firms.
“The growth of the FinTech sector in Manchester over recent years is phenomenal but I am not surprised by the new data, as I’ve seen first hand how significant and active the FinTech ecosystem is in this region,” said Chris Sier, Chairman, FinTech North.
“With established financial services institutions, startups, scaleups, investors, universities and support services all highly active, all of the key components are in place for the continued growth of this vibrant sector in the region.”
The research project took place over recent months with support from Bruntwood SciTech, GFT, MIDAS, Slalom, Vialto Partners, University of Manchester, Rise, created by Barclays, pro-manchester, and FinTech North.
It showed that over the last 3 years, fintech in Greater Manchester has grown 67%. The region is particularly strong in Payments, Lending, WealthTech and Accounting.
“Greater Manchester’s Fintech status is a clear representation of how our city-region is working in partnership on our long term digital and innovation strategies,” added Joe Manning, Managing Director of MIDAS, Manchester’s Inward Investment Agency.
“Start-ups and scale-ups are imperative for the future growth of our economy, and we look forward to building even further on this excellent report by continuing to leverage our renowned technological capabilities and exceptional talent in the UK’s most liveable city.”
This latest research follows the Kalifa Review in 2021, which looked at the growth of fintech across the country. That identified the Manchester-Leeds cluster as one of 3 “established” clusters outside of the capital. It also recommended the creation of the Centre for Financial Innovation and Technology (CFIT)), which was launched at the end of 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 SMEs. It is important we continue to enhance the links between industry, academia, government, and regulators to support this exciting sector, and ensure that its impact is felt up and down the country,” said Charlotte Crosswell OBE, Chair, Centre for Finance, Innovation & Technology (CFIT).
