The West Midlands is increasingly recognized as one of the UK’s leading fintech hubs, according to a recent report indicating that the sector provides over 11,000 jobs in the area.
With the high costs associated with establishing a presence in London, many bootstrapped UK fintech startups are relocating north, drawn by the region’s strong higher education institutions and abundant local talent.
The Impact Report, commissioned by SuperTech, the West Midlands tech supercluster, reveals that Birmingham and its fintech businesses have generated £474 million in economic output and are poised to reach £1 billion.
Hilary Smyth-Allen, executive lead for SuperTech, states, “The headlines about the future of our economy are dominated by technology. Just like the first industrial revolution, it’s been taking shape in Birmingham. The opportunity for next-generation services has its foundations in a place that built its reputation on innovation and disruption. We are at the crossroads of assets and talent.”