UK fintech boom: Technology vacancies soar in 2024, driven by London’s dominance
Venture Capital 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 37% higher nationwide compared to last year.
Given the concentration of Fintech funding in London-based companies, recruitment activity in the capital exceeds the national average according to the latest UK labour market trends report by leading professional recruiter Morgan McKinley and market data analysts, Vacancysoft.
Over 67% of technology Vacancies are concentrated in London
Technology remains the largest recruitment area within the sector, accounting for 41% of vacancies this year. It is also the fastest-growing segment in terms of skills demand. Vacancy volumes from the first four months of this year shows a 41% increase compared to 2023, with London outpacing the rest of the UK. London dominates, with over 67% of technology vacancies based in the capital. This trend is increasing, reaching its highest share over five years. Development and Engineering leads with 497 vacancies, constituting 31% of the total marking a 57% increase from last year. In contrast, IT security recruitment has slowed, with only an 8% 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% higher than last year. In London, the increase is significant, with an 87% rise, reflecting the concentration of intechs in the capital. Compliance roles dominate, comprising 265% of all vacancies and seeing a 63% increase from 2023. This is up from 22% of risk and compliance vacancies. Risk Management is the fastest-growing role, with vacancies surging by 135% compared to 2023, increasing its share from 7% in 2022 to 12% this year.
Victoria Walmsley – managing director – Morgan McKinley comments: “As we navigate through 2024, the fintech sector is experiencing dynamic shifts in recruitment, driven by technological advancements, regulatory changes, and evolving consumer behaviours. The demand for tech-savvy professionals has increased, reflecting the sector’s digital transformation. Companies seek expertise in AI, machine learning, and data analytics, along with compliance and risk management.”
The continuous push towards digital banking and heightened cybersecurity threats are key drivers of these trends. Looking ahead, emerging technologies like blockchain and IoT will drive further demand for specialised talent. The fintech sector is poised for sustained growth, with opportunities for remote and internationally diverse talent. To stay ahead, talent teams must track trends and adapt recruitment strategies, emphasising agility and forward-thinking to meet the evolving needs of fintech firms.”
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 licence 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, Checkout.com reported increased UK losses, from $25m in 2022 to $126m 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.
Top 5 Company Table
Top Companies, All Vacancies, Fintech, UK, 2022-2024 (Jan-Apr) (see report for Top 20)
2022 | 2023 | 2024 (Jan-Aprr) | |
FIS | 704 | 437 | 236 |
Starling Bank | 314 | 545 | 221 |
Deel | 73 | 381 | 184 |
Checkout | 345 | 128 | 163 |
Radius | 1263 | 861 | 137 |