The UK fintech sector saw a remarkable 44% increase in job vacancies in 2024, driven by venture capital investment and advancements in AI, as highlighted in a report by recruiter Morgan McKinley.
According to the report, fintech vacancies surged to 12,519 last year, up from 8,672 in 2023, based on data analyzed by Vacancysoft. This increase is attributed to a rise in venture capital funding, the widespread adoption of AI and automation, and the ongoing fragmentation of the sector, which has led to the emergence of new companies. As a result, fintech has become a magnet for talent, particularly in commercial roles.
Significant growth was observed among specific firms; Wise reported a 225% increase in vacancies, reaching 335 positions, while Ebury Partners saw a 148% rise to 286 roles. Notably, business development and sales roles dominated the landscape, accounting for 1,277 vacancies — a 54% year-on-year increase, representing 10% of all openings.
In contrast, the banking sector experienced an 11% decline in vacancies in 2024, totaling 37,901, amid ongoing restructuring and regulatory challenges. Traditionally strong hiring in risk and compliance roles dropped by 20%, reflecting reduced regulatory activity. However, operations and IT development roles showed more resilience, with growth rates of six percent and two percent, respectively.
Major banking institutions such as NatWest and Barclays saw significant reductions in job openings, with 51% and 45% decreases, respectively, due to industry-wide restructuring. Lloyds Banking Group reported a smaller decline of 19%.
On a positive note, the accountancy sector rebounded strongly in 2024, with a 29% increase in vacancies, marking its highest demand in five years and accounting for 54% of all openings.