Fintech – UK Finance Labour Market Trends Report, May 2024

Over 67% of IT Vacancies within FinTech are concentrated in London


Key findings include:
  • London Fintech vacancies surge by 61.2% Year-Over-Year
  • Over 67% of IT Vacancies are concentrated in London
  • Risk & Compliance vacancies in London increased by 86.5%
  • Revolut and Wise have recorded year-on-year declines


VC funding into the technology industry is on the rise again, bringing relief to policymakers. In the UK, FinTech is a major beneficiary of this increased investment, which is directly translating into heightened recruitment activity. FinTech stands out as the best-performing segment within Financial Services this year. If the current pace of recruitment continues, the number of FinTech vacancies in 2024 will be 36.7% higher nationwide compared to last year.

Given the concentration of Fintech funding in London-based companies, it is unsurprising that recruitment activity in the capital exceeds the national average. Specifically, London is projected to see a 61.2% increase in vacancies over the last year. This is according to the latest UK Finance Labour Market Trends report by Morgan McKinley and market data analysts Vacancysoft.

Over 67% of IT Vacancies are concentrated in London

IT remains the largest recruitment area within the sector, accounting for 41% of vacancies this year. It is also among the fastest-growing segments in terms of skills demand. Analysing vacancy volumes from the first four months of this year shows a 40.7% increase compared to 2023, with London outpacing the rest of the UK. London dominates, with over 67% of IT vacancies based in the capital. This trend is increasing, reaching its highest share in five years. Development and Engineering leads with 497 vacancies, constituting 30.7% of the total and marking a 57.1% increase from last year.

In contrast, IT security recruitment has slowed, with only an 8.2% year-on-year increase.

Risk & Compliance vacancies in London increased by 86.5%

Year-on-year vacancy growth for risk and compliance has outpaced the sector average, with 2024 on track to be 43.1% higher than last year. In London, the increase is even more significant, with an 86.5% rise, reflecting the concentration of major FinTechs in the capital. Compliance roles dominate, comprising 25.5% of all vacancies and seeing a 63.2% increase from last year. This is up from 22.4% of risk and compliance vacancies previously. Risk Management is the fastest-growing role, with vacancies surging by 134.5% compared to 2023, increasing its share from 6.8% in 2022 to 11.8% this year.

Victoria Walmsley – Managing Director – Morgan McKinley comments:

“The demand for tech-savvy professionals in the fintech industry has significantly increased, reflecting the sector’s ongoing digital transformation. Companies are particularly keen on recruiting individuals with expertise in AI, machine learning, and data analytics to harness the power of big data for enhanced decision-making and customer service.”

Revolut and Wise have recorded year-on-year declines

Both Revolut and Wise have recorded year-on-year declines. Revolut’s efforts to obtain a UK banking license have stalled due to corporate governance concerns, slowing its growth. Similarly, Wise halted new business client onboarding in Europe due to increased regulatory requirements stemming from geopolitical tensions. Meanwhile, reported increased UK losses, from $25 million in 2022 to $126 million last year. Despite this, the company grew 40% in 2023 and has increased vacancies by 282% in 2024, reflecting its expansion strategy. FIS leads in 2024 with a 62% increase in vacancies compared to last year. However, the recent sale of Worldpay is expected to reduce FIS’s future sector presence. 

Access the full report to boost your recruitment with the latest market data!

All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights you need to power your business.

If you would like to book a consultation with us to analyse trends in your market, you can schedule one here.

Related Posts

SAP – UK Tech Labour Market Trends, April 20... SAP - UK Tech Labour Market Trends, April 2024 South West’s Professional Vacancy Rebound After Recession   Key findings include: SA...
Banking – UK Legal Labour Market Trends, May... Banking - UK Legal Labour Market Trends, May 2024 Northern regions surge to become second only to London for Banking lawyers   Key finding...