London fintech firms are recruiting thousands more staff as they set the course for expansion

(DAD)

Britain’s biggest fintech firms are recruiting thousands of new staff, according to new research, in signs the sector is charting a course for major expansion. According to data from Morgan Mckinley and VacancySoft, more than three thousand fintech jobs were posted in the first three months of this year, which is a jump of almost two-thirds compared to last year. Most of the hires took place in London.

Fintech vacancies peaked at 5,000 in 2021, but more than halved to less than 2,000 by the middle of last year due to turbulent macroeconomic conditions and a slowdown in fundraising for tech companies. But since then, a stabilizing economic outlook and a slew of new funding rounds, including Monzo’s huge $430 million raise, have renewed the industry’s confidence in expanding at pace, launching new products and establishing itself in new markets.

As the industry has matured, risk and compliance roles have seen the biggest increase in hiring, increasing by more than 85% in London to account for one in four hires. Risk Management is the fastest growing role, with vacancies up 135% compared to 2023.

According to the research, Starling Bank was among the largest fintech recruiters this year, with more than 650 vacancies, while payments company Checkout.com increased its hiring spree with nearly 500 vacancies, more than tripled compared to last year. But some fintechs have slowed hiring this year. Revolut and Wise advertised 267 and 393 roles respectively, a decline of around 14% on last year.

Victoria Walmsley, managing director at Morgan McKinley, said: As we move into 2024, the fintech sector is experiencing dynamic shifts in recruiting, driven by technological advances, regulatory changes and evolving consumer behaviors.

“The continued push towards digital banking and growing cybersecurity threats are key drivers of these trends. The fintech sector is poised for sustained growth, with opportunities for remote and internationally diverse talent.”

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