Greater Manchester’s growing success as a location for financial technology (FinTech) businesses has been marked with a Top 50 ranking by findexable’s Global Fintech Index.
The Index, which ranks cities worldwide based on the successes of individual firms and overall FinTech ecosystems, saw Manchester climb 19 places in 2021 to secure 34th place in the ranking. The city-region, home to 43% of the UK’s FinTech unicorn businesses, is now listed as the ninth in Europe, and number one in the UK outside London.
Manchester is home to over 80 FinTech companies and is the largest region centre for the financial, professional and business services industry outside London, employing over 280,000 people. The city-region has also recently attracted a number of established FinTechs to build a presence in the city, including challenger bank OakNorth, comparison site MoneySuperMarket and online payment provider Klarna.
Tim Newns, CEO of MIDAS, Greater Manchester’s inward investment agency, said:
We are delighted that Manchester’s growing global reputation as a significant FinTech hub has been recognised. This report not only looks at the quantity of individual FinTech firms but delves down into the success of both the FinTech companies themselves and the supporting ecosystem, the latter of which we believe to be key to firms’ success.
“Coupled with affordability, access to talent and brilliant quality of life, The Global FinTech Index by findexable provides clear evidence that Manchester is the best UK city to start and scale a FinTech business.”
Elise Wilson, Leader of Stockport Council, Greater Manchester Combined Authority (GMCA) portfolio lead and deputy chair of Greater Manchester Local Enterprise Partnership, said:
It’s great to see Greater Manchester’s emerging strength as a hub for FinTech businesses recognised in this global index.
“Our city-region’s digital economy is thriving and we can offer employers and founders in the sector all the ingredients they look for – liveability, great locations, access to the right talent and outstanding education providers to work with.
“FinTech is becoming increasingly relevant and important to our everyday lives, and we’re proud that some of the most exciting companies in the sector call Greater Manchester home.”
Findexable’s founder and CEO Simon Hardie, said:
Manchester’s ambition as a viable commercial alternative to London is increasingly more about substance than soundbite. A well-established tradition of digital and media activity has more recently inspired vibrant payments and FinTech scene.
“This and other factors like the city’s world-renowned universities and an enabling ecosystem supported by development agencies like MIDAS have helped power the city’s rise to the top of the UK and European FinTech rankings this year. It’s an exciting time to be in FinTech in the north of the UK.”