Greater Manchester FinTech scene is largest in England’s regions

Whitecap Consulting has found that Greater Manchester has the largest hub of FinTech businesses outside the capital.

Research on the sector was collected before the coronavirus outbreak by a collaboration of Whitecap Consulting, Innovate Finance and the University of Manchester among others, and is the first detailed analysis of the FinTech sector in Greater Manchester.

The emerging industry employs 8000 people in the city region, with 49% of businesses identified in the research classed as scaleups, demonstrating the greater maturity of the sector compared with other UK regions. London remains the centre of the UK’s FinTech scene however, given its global reputation as a financial centre.

The sector is not confined to Manchester City Centre, with Stockport also home to some of Greater Manchester’s 39 FinTech businesses, including CDL and takepayments.

Richard Coates, Managing Director of Whitecap Consulting, says:

We are pleased to present our initial assessment of the Greater Manchester FinTech Ecosystem, the fourth regional FinTech ecosystem report that we have published in recent months. This report paints a positive picture of a region with strong financial and digital sectors, as well as a higher volume of FinTech startups and scaleups than any other region outside London that we have researched to date. These firms are supported by an ever-growing number of coworking spaces which are facilitating connection and collaboration between startups, scaleups, established organisations and other stakeholders. FinTech provides a material economic growth opportunity for the UK, the North, and for the Greater Manchester region.”

Tim Newns, Chief Executive of MIDAS, says:

Being home to the UK’s largest regional banking and financial services industry, as well as one of Europe’s largest digital and technology clusters, Greater Manchester has developed a strong reputation as the FinTech capital of the North; and on behalf of Greater Manchester, MIDAS is delighted to support this pioneering research into the city region’s FinTech industry. Thank you to Whitecap Consulting for leading on this important piece of research, which demonstrates there is huge growth potential for the FinTech industry in Greater Manchester and across the UK.”

Professor Markos Zachariadis, the recently appointed Greensill Professor in Financial Technology (FinTech) & Information Systems, Alliance Manchester Business School, The University of Manchester, says:

Mapping the entire FinTech ecosystem is an important exercise in order to get a better understanding of the variety and size of the FinTech sector in and around Manchester and to identify the needs and potential for further growth and investment. Being part of the city’s vibrant innovation and R&D cluster, we are aiming to establish Alliance Manchester Business School and The University of Manchester as a FinTech research and teaching powerhouse internationally.”