Fintech bounces back as VC funding increases

Vacancies in Fintech set to surge past 2023 levels

After a torrid 2023, the signs are positive for Fintech as VC funding into the sector accelerates. According to a recent report by Dealroom and HSBC, in Q1 of 2024, there were 73 rounds completed in Q1 of this year, totalling $1.4BN, making it the leading sector for investment, this year so far. Fintech’s benefiting from funding so far this year include challenger bank Monzo ($430m), payments provider PPRO (€85m) and wealth management firm Flagstone (£108m).

This investment has resulted in recruitment picking up significantly in the fintechs, with IT in particular, in demand. Indeed, in 2024 so far, we have seen 800 IT vacancies within Fintechs, in London, compared to 1491 in all of last year. If 2024 continues at the same pace, this will mean volumes would end up being 70%, compared to 2023. Within IT specifically, it is development roles in particular that have seen the biggest uptick.

Another area worth spotlighting is the increase in risk & compliance roles. As the sector has grown and matured, so has the regulatory burden. Businesses such as Revolut still await their license, whilst others are scaling up their teams also. As a result, there are nearly more risk and compliance vacancies so far this year, than there were in all 2020. And this year is set to see 80% more risk and compliance vacancies in fintech than last year.

Marketing is the third area worth profiling, if only because it is a bellwether function. When funding increases, we see marketing vacancies increase as businesses look to grow, similarly, when funding decreases, marketing vacancies contract. It almost perfectly tracks the underlying sector movement. Within marketing, digital remains a core function in demand, equally we have noticed an increase in management roles as well.

Looking ahead, London’s unique position as a city which can fuse finance, technology, talent and government mean it is well placed to be the leading hub in Europe, and whilst the Financial Services sector is under pressure at the moment, the fact that Fintech is on the up will be welcome news for people in the industry overall.

What is also worth mentioning, is that whilst it is true that there is a surge of hiring once companies get funding, actually, most of the time, the vacancies are published, before the deal is announced. Here at vacancysoft, we know that for IT recruiters interested in Fintech, you would already be signing up to subscriptions which tell you who is getting funding. Equally, using vacancysoft, we can tell you which businesses are seeing significant surges of vacancies posted, before any public announcement, meaning you can be one step ahead.

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The data referenced above has been sourced from Vacancy Analytics, a cutting-edge Business Intelligence tool that tracks recruitment industry trends and identifies emerging hotspots. With 17 years of experience, we have a deep understanding of market activities in the UK and globally.

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