Posted on May 10, 2017 by staff

London blowing Berlin out of water in FinTech


London’s FinTech sector is growing more than three times more rapidly than that of Berlin despite the decision to leave the European Union.

Research from German recruitment website Joblift found that there was a seven per cent average monthly growth in the number of financial tech jobs advertised in London from April 2016 to April 2017.

The equivalent figure in Berlin was two per cent.

“Berlin has been touted as London’s major competitor for the title of Europe’s FinTech hub, given uncertain Brexit effects and Berlin’s expanding start-up scene,” said Joblift.

“However, our research shows that London trumps the German capital in both the number of jobs being posted and, more surprisingly, the rate of job market growth.”

A total of 3,370 FinTech jobs were advertised in London over that 12-month period, compared with 1,458 in Germany.

Manchester had the second-highest figure for the UK with just 166, showing that the financial tech muscle is concentrated mainly in the capital.

Belfast in Northern Ireland saw an average monthly growth in FinTech jobs of 18 per cent, boosted by Software Development company Unosquare’s announcement of the creation of 100 jobs with the opening of their new engineering support centre in the city.

Average monthly FinTech job growth for the UK overall was five perc cent, compared with one per cent for the UK job market as a whole.

However UK investment in the FinTech sector dropped a massive 33.7 per cent in 2016 despite increasing 11 per cent globally.

Research commissioned by the FinTech trade body Innovate Finance showed $783 million was invested in UK FinTech last year, compared with $1.2 billion in 2015. The sector is worth $17.4bn worldwide.