London fintech: confidence returns to Silicon Roundabout as fintech opportunities boom
Rising confidence in the UK fintech sector is a testament to its enduring strength, particularly after the low point of 2023
Following a disappointing 2023 for UK fintech investment, 2024 has so far proved more fruitful for London’s fintech scene. The latest sentiment from London has indicated a surge in fintech job opportunities as investors flock back to the city.
Fintech job vacancies are expected to be 37% higher in 2024 compared to 2023, signalling a rise in confidence and opportunities. 2023 saw investment fall to £9.75bn – a decline of 34% (£14bn) compared to 2022. The rise in opportunities signals a return of confidence in the capital as business as usual returns.
Jeremy Baber, CEO of Lanistar comments: “It’s great to see UK fintech bounce back after a really testing 2023. The UK and London, in particular, has been an integral hub for fintech to flourish over the past decade. The vacancy numbers we are seeing represent opportunity for both experienced and prospect talent to breakthrough into the fintech scene.
“The rising confidence we are seeing is testament to the strength of the UK fintech sector. In 2023, onlookers would struggle to find too many positive signals coming out of the industry -be that in the form of investment or job opportunities – so for us to see such a positive and almost instant bounce back is a really strong vote of confidence for the innovations and services being delivered by the sector.
“Across the Channel, European fintech has also experienced setbacks and is still reeling from a difficult 2023. Recent reports suggest that investment within European fintech start-ups continue to be less than expected. It’s certainly been a difficult couple of years for European and UK fintech. With the UK recovering and showing green shoots of positivity investors and analysts will be hoping that the confidence within London will also spread to the continent.
“The emergence of AI as a ‘must have’ amongst fintech tools has certainly greased the wheels of innovation, yet, there is so much more to the services coming out of Silicon Roundabout and the wider UK market. Whether these innovations are secure crypto integrations, sleek payment services or new and exciting challenger bank offerings – the diversity of fintech offerings has clearly been key to the robustness of the London market.”
Recent analysis suggests that fintech London-based IPO listings set to take off in the second-half of 2024. The UK retains second place within the global fintech market (US being first) with 10% of active companies being hosted on our shores.
Baber concludes: “Fintech remains a relatively young – but as we have seen – robust industry. The constant evolution and development of new ideas, services and products is what keeps fintech so attractive and exciting in the eyes of investors. The upcoming general election poses a great opportunity for the next government to recognise and embrace UK fintech. In doing so, they would be supporting a highly significant income stream revenue to the public purse.
“The surge in job opportunities across the sector will hopefully foster new and exciting talent, which may one day inspire the development of more advanced solutions currently beyond our comprehension. A prosperous London fintech market is not only good news for the future of UK fintech, but also an opportunity for us to further collaborate and innovate alongside our closest neighbours.”